ARMSTRONG CAPITAL DEVELOPMENT COMPLETES SALE OF SAND HILL RETAIL BUILDINGS
Denver, CO - Armstrong Capital Development (ACD) announced today it has completed the sale of two multi-unit retail buildings to a private capital buyer for $8.5 million, representing a blended cap rate of 6.1%. Completed in September 2022, the newly constructed buildings comprise 15,760 square feet of 100% occupied small shop retail space prominently located at ACD’s Sand Hill Shopping Center in Colorado Springs’ Claremont Ranch neighborhood.
“Strong location, build quality and high occupancy made these buildings particularly attractive to a number of prospective buyers,” said Josh Katzer, partner at ACD. “We are extremely pleased with this sale as it demonstrates exceptional ongoing investor demand for supermarket-shadowed retail assets in high growth markets such as Colorado Springs.”
Located across the street from the King Soopers Marketplace at Claremont Ranch, the retail phase buildings enjoy common access with the King Soopers center and strong visibility and convenience to more than 45,000 vehicles per day at the hard corner of Marksheffel Road and Constitution Avenue. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office arranged the sale.
With the land acquisition by ACD in December 2018, Sand Hill is a neighborhood retail shopping center designed to take advantage of its high-profile shadow proximity to King Soopers and explosive surrounding residential growth with more than 4,000 new homes currently under development across the trade area. ACD broke ground on the center in 2019 and has since completed a broad scope of horizontal infrastructure, vertical construction and pad sales. Sand Hill’s stable of retailers and other service providers at the center includes Eastern Colorado Bank, 7-Eleven, Christian Bros. Automotive, Sand Hill Dental Care, AT&T, Tropical Smoothie, GLO Nails, Teriyaki Madness, SportsClips, Freddy’s, Rock N’ Roll Sushi, Firehouse Subs and others.
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages commercial real estate investments in the Intermountain West. ACD is actively pursuing opportunities within the Utah, Colorado and Arizona markets.