Park Place Plaza - Colorado Springs, CO
Value Add | Unanchored Neighborhood Retail Center | 84% Leased
Marketing description
OFFERING
Blue West Capital is pleased to exclusively present the opportunity to acquire Park Place Plaza, a well-located, unanchored neighborhood retail center in Colorado Springs.
The property is positioned at the signalized southwest corner of North Academy Blvd and North Union Blvd, two of the city's primary retail corridors, with approximately 77,700 combined vehicles per day. The site benefits from strong visibility, direct access, and a trade area anchored by national retailers.
Park Place Plaza is 84% occupied and totals 34,578 square feet, featuring a mix of local and regional service-oriented tenants, including medical, fitness, and personal services. Existing vacancy provides a clear value-add opportunity through lease-up, while in-place cash flow and a 3.4-year WALT offer near-term income stability with upside. The majority of leases are NNN with annual rent increases, supporting organic revenue growth. Recent facade and parking lot improvements limit near-term capital requirements and position the asset for continued leasing momentum.
LOCATION
Colorado Springs is one of the fastest-growing cities in the Mountain West and a primary economic hub for Southern Colorado. Key industries include military, aerospace and defense, healthcare, and technology. Major employers include Fort Carson, Peterson Space Force Base, Schriever Space Force Base, and the United States Air Force Academy. Continued population and job growth, combined with a lower cost of living than Denver, support sustained retail demand and investment activity.
Investment highlights
PREMIER LOCATION & VISIBILITY
- High-visibility location at the signalized intersection of N Academy Blvd and N Union Blvd, with 77,700+ combined VPD along a primary retail corridor.
- Strong demographics with $112K+ average household income within a 1-mile radius.
- N Academy Blvd serves as a major north-south retail corridor, surrounded by prominent national retailers.
- Adjacent to Academy Place Shopping Center (>2.4M annual visits) and Union Square (>895K annual visits).
VALUE-ADD OPPORTUNITY
- Currently 84% leased, with the ability to increase cash flow and NOI through lease-up of existing vacancy.
- Potential to reduce basis through the sale of the Perfect Teeth Dental pad as a single-tenant investment—the #1 ranked Perfect Teeth location in Colorado.
- Recent capital improvements, including a new parking lot and facade upgrades, help minimize near-term CapEx.
STABLE IN-PLACE CASH FLOW WITH BUILT-IN REVENUE GROWTH
- Projected compounded annual growth rate (CAGR) of approximately 3.05%.
- The majority of tenants operate on NNN leases, with scheduled annual rent increases.
- Weighted average lease term (WALT) of approximately 3.4 years, with staggered lease expirations.
- Diverse mix of local and regional, service-oriented tenants, including medical, fitness, restaurant, and personal service uses.
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