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Jan. 24, 2013

Weingarten Realty Sells Two Shopping Centers in Colorado Springs for $31.5M

By Gabriel Circiog, Associate Editor

Two shopping centers in Colorado Springs have been sold by Houston-based Weingarten Realty for $31.5 million. The Gazette reports limited companies formed by Columbia, Mo.-based The Kroenke Group recently acquired the Uintah Gardens and Academy Place.

Located in Colorado Springs’ west side at 19th and Uintah streets, the 215,000-square-foot Uintah Gardens was built in 1974 and is anchored by a King Soopers grocery, with other tenants including Walgreens, Big 5 Sporting Goods and Petco.

Located at Academy and Union Boulevards in northern Colorado Springs, the 84,000-square-foot Academy Place was constructed in 1982. The retail center was amongst the first to be built as the city expanded to the north and is anchored by a Safeway grocery and Target department store. The Kroenke Group purchase, however, only includes the retail space between Safeway and Target. Safeway currently leases its space from another owner, and Target owns its store.

Mark Useman—a broker with Sierra Commercial Real Estate in Colorado Springs—and members of the CBRE Denver office represented Weingarten in the sale of the properties to The Kroenke Group.

The same source reports that St. Louis-based THF Realty, a separate Kroenke company, is also planning a retail project at the southern border of Colorado Springs. The 350,000-square-foot project will be anchored by a Walmart Supercenter and Sam’s Club warehouse store.

The recent news confirms the interest of real estate and sports mogul Stan Kroenke—whose holdings include the Denver Nuggets and Colorado Avalanche—in the Colorado market.

Logo Courtesy of: www.weingarten.com

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