ACD CLOSES ON 9.7 ACRES IN COLORADO SPRINGS FOR ITS NEWEST DEVELOPMENT, SAND HILL
Denver, Co. - Armstrong Capital Development, LLC (“ACD”) is pleased to announce the acquisition of a prominent, 9.7-acre parcel for the development of Sand Hill, a planned commercial retail shopping center. Located at the northeast corner of Marksheffel Road and Constitution Avenue in Colorado Springs, the currently undeveloped site enjoys exceptional convenience and visibility to more than 40,000 vehicles per day and will serve as a vibrant retail amenity intended to meet community and retailer demands within the rapidly-growing eastern metro trade area.
Situated across the street from a recently-constructed King Soopers Marketplace shopping center, the project will include a variety of multi-tenant retail buildings, build-to-suits and pad sites configured to enhance shopper convenience, maximize storefront visibility and meet or exceed Class-A retail standards in contemporary and cohesive design, construction and property management. Construction has commenced at the site with completion and occupancy anticipated to roll out in phases beginning Summer 2019.
“We are excited to get this project off the ground,” said Jarrett Armstrong, Partner at ACD. “It’s a fantastic location that has attracted tremendous interest from businesses looking for a gateway into the Banning Lewis Ranch trade area.”
ACD purchased the property in December for $2.3 million from residential master developer Babcock Land Corporation. Babcock is currently in the process of developing a 130-acre site immediately to the north of the property into The Sands, a residential subdivision with approximately 300 planned single-family-home sites. Sand Hill and The Sands will share a common access point at a signalized intersection on Constitution Avenue.
“Sand Hill and The Sands could not be better complements to one another,” Armstrong said. “We are pleased to provide a convenient and appealing Class-A retail amenity to our neighbors next door and throughout the community.” Mike DePalma of SullivanHayes Brokerage represented the Buyer and will serve as the exclusive listing agent for Sand Hill.
Founded in 2005, Armstrong Capital Development is a private development company that acquires, develops and manages opportunistic real estate investments in the Colorado region, with a focus on value-add acquisitions. ACD funded the acquisition of Sand Hill through its ACD 2017 Fund, LP investment vehicle.
For more information contact DePalma at (720) 382-7597.
Kathy Sorensen, ACD VP of Development