Colorado Springs, CO - Red Rock Center

Description:

SRS Multi-Tenant Investments is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) of Red Rock Canyon Shopping Center a ± 62,924 SF. Planet Fitness anchored neighborhood shopping center (consisting of three buildings) located in Colorado Springs, CO (El Paso and Teller County, MSA). Built in 1965 and renovated in 2021, The Red Rock Canyon Shopping Center sits on approximately 5.8 acres and encompasses ± 62,934 SF of quality retail space with a healthy mix of e-commerce resistant tenants. Anchored by Planet Fitness who just signed a new 12-year NNN lease, the tenant roster boasts other notable daily-needs tenants such as SuperCuts, Guiry’s, Red Rock Veterinary, Red Rock Liquors, and Dental Nook at Red Rock Canyon. In addition, all but one tenant are operating on NNN leases, reimbursing their pro-rata share of expenses, limiting expense leakage for a future investor. The center is 88% occupied, offering potential upside through lease-up for a future investor. The property boasts a strong commitment to site as several tenants have enjoyed the unique benefits of the center’s ideal location and strong commerce over the last 3 decades.

The center is located near the signalized, hard corner intersection of Colorado Avenue and South 31st Street which is ideally located along U.S. Highway 24 a major corridor with over (40,000 VPD). Colorado Avenue is the major retail thoroughfare serving the city of Colorado Springs. The Planet Fitness has just recently occupied the former Walgreens space. The center benefits from extensive frontage and visibility along Colorado Avenue and was recently renovated in 2021. Safeway is located adjacent to the north sharing direct access to parking at both properties. Colorado Springs is the second largest city in Colorado. The 5-mile trade area is supported by a population of over 121,331 residents and is predicted by CoStar to increase over 4.51% by 2029, and benefits from a high average household income of $89,577.