Gateway Center | Colorado Springs, CO

1976 S Murray Blvd, Colorado Springs, CO 80916

Gateway Center

Description

Gateway Center is a 6,656 SF unanchored multi tenant retail building in Colorado Springs, Colorado. The property is 100% occupied by three tenants, Sprint Wireless, Signature Nails and Tan Your Hide. The property is located at the high traffic intersection of South Academy Boulevard and South Chelton Road, which has traffic counts of approximately 38,569 cars per day. The property was originally developed in 1998 as a Hollywood Video, and was renovated in 2011 to accommodate a multi tenant use. The existing tenants have all recently exercised renewal options and have between six to just under nine years remaining on the current term of the respective leases, all of which represent a NNN structure. Sprint and Signature Nails have 3% annual escalations.

Gateway Center is located within an infill submarket with an approximate population of 91,377 people within a three mile radius. The property is 2 miles west of the Colorado Springs Airport which is the second largest airport in the state of Colorado and co-located with Peterson Air Force Base. Fort Carson Military Base is 3 miles south of Gateway Center, providing tremendous economic impacts and the potential for significant population increases. Colorado Springs, home to the United States Air Force Academy, is the second largest city in Colorado with a metro population of 678,319. Colorado Springs is located 60 miles south of Denver on Interstate 25.

Retail Property

Price: $

Gross Leasable Area: 6,656 SF

Price/SF: $

Property Type: Retail

Property Sub-type: Neighborhood Center

Property Use Type: Net Lease Investment with 6 years left on lease

Cap Rate: 7%

Tenancy: Multiple

Year Built: 1998

Lot Size: 44,431 SF

Listing ID: 19459962

Last Updated: 21 days ago

Additional Information

Retail Strip Center Investment Opportunity in Colorado Springs, CO

100% Occupied under Triple-Net (NNN) Leases

Sprint Exercised Renewal Option Early, Extending Expiration through 2024

Tan Your Hide Exercised Renewal Option, Extending Expiration through 2022

Signature Nails just Expanded their Space by an additional 1,280 SF

3% Annual Rent Increases for Sprint Wireless and Signature Nails