ARMSTRONG CAPITAL DEVELOPMENT ACQUIRES DURANGO TOWN CENTER PORTFOLIO FOR $14.5 MILLION
Denver, CO — ACD today announces that it has acquired a portfolio of Class A neighborhood retail buildings at Durango Town Center, a Walmart Supercenter-anchored shopping center in Durango, Colorado. The sale included three multi-unit buildings totaling 41,813 square feet of retail space prominently located on Durango’s Camino del Rio commercial corridor. The property was 98% occupied at closing.
"This is a prime example of the type of retail acquisition that we continue to seek out,” noted Josh Katzer, Partner at ACD. “With its outstanding location, top-performing grocery anchor, exceptional access and attractive tenant roster, Durango Town Center makes a fantastic addition to our portfolio.”
The Walmart Supercenter anchor is the area’s market leader in terms of generated consumer traffic, capturing more than 46% of grocery market share among five grocers in the market. This drawing power, coupled with the center’s prime location on Colorado Hwy 160, position Durango Town Center as the dominant retail hub in an extended trade area that expands across a 45-mile radius, serving not only a stable consumer base of local residents but also 2.6 million annual tourists from throughout the southwest United States.
An attractive stable of brand name, e-commerce resistant retailers are counted amongst the rent roll, including AT&T, O-Reilly Auto Parts, Subway, Sports Clips, T-Mobile, Domino’s Pizza and many others. ACD will manage the property from its Denver office.