Graystone Capital Advisors has closed on the $19.5 million sale of a property in Colorado Springs, Colo.
Graystone Capital Advisors co-brokered the transaction with Front Range Commercial.
Academy Plaza, which is co-anchored by Crunch Fitness and one of the world’s largest weapon manufacturers and military-technology providers Northrop Grumman, consists of more than 220,000 leasable square feet, 93 percent of which is leased. The Academy Plaza spans 20.58 acres with a tenant roster that includes AutoZone and Little Caesars as well as an additional 30 tenants.
The center benefits from stable household incomes (average household income within a five-mile radius is $68,000) as well as a promising amount of vehicle traffic (the intersection of South Academy Boulevard, and Chelton Road receives 46,700 per day on average). The plaza also offers the opportunity for an investor to purchase the property at well below replacement costs since it is being offered at only
