Low-Basis, Value-Add Retail in San Luis Obispo, CA

Highlights:

• Value Add Retail Opportunity - Theater anchored center with five small suite spaces available for immediate lease-up, four of which are contiguous
• Destination Retail Center - Colony Cinemas is the only movie theater in Atascadero, drawing consumers from a wide trade area
• Multiple Points of Access - Dual access at the intersection of El Camino Real and Robert and Pat Nimmo Memorial Highway (CA-41)
• Long-Term Upside - Ideal location within the Atascadero submarket allows optionality as a covered land play for future development

Description:

Ri Marketplace Online Auction May 18th-20th, 2026
Register to bid on Marketplace:

https://rimarketplace.com/auction/3150/retail/atascadero/ca?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_3150

Colliers, in conjunction with RI Marketplace, is pleased to present the opportunity to acquire the fee simple interest in Colony Square (the “Property”), a 47,555-square-foot, theater-anchored retail center located at 6917 El Camino Real in the heart of Atascadero, California. Strategically positioned along the Highway 101 corridor, the Property benefits from strong regional accessibility and visibility, serving as a key linkage between Northern and Southern California.

Colony Square, 83% leased as of March 2026, presents a compelling value-add opportunity through the lease-up of existing vacancy and continued stabilization of the theater anchor, or alternatively, a longer-term redevelopment opportunity supported by the site’s central location and surrounding demand drivers. The existing tenancy and layout provide immediate in-place income, with the ability to enhance cash flow through targeted leasing and operational improvements.

Supported by a trade area defined by strong tourism demand, lifestyle appeal, and a stable and growing consumer base, Colony Square presents a well-located retail investment with near-term value creation potential and long-term development optionality within one of Central California’s most heavily trafficked retail corridors.


Emilio Lemeni
c/o Fisher Auction Company Inc.
License: 00961384
The platform fee for this transaction is the greater of 5.00% or a minimum of $25,000.

Documents: