The building, formerly owned by Macy’s West Stores Inc., sold for $3 million today, according to Bach Commercial Partners broker Steve Bach who, along with Mike Helwege, represented the department store.
ICA Properties is an Odessa, Texas-based retail, office and hotel property owner. It controls more than 2 million square feet of commercial space throughout Texas and the southwest.
It also owns the Music City Mall in Odessa which is a lot like The Citadel.
Anchor retailers there include J.C. Penney, Burlington Coat Factory and Dillard’s, as well as Sears and Burke’s Outlet.
Asset manager Tom Glasman, who represented ICA in the purchase, sees Colorado Springs as a strong potential market for the company.
“Colorado Springs is attractive. Its people, its climate and its demos are a fit with what we were looking for,” he said.
That includes the opportunity to work with Citadel mall owner Midwest Mall Properties and its new management company, Urban Retail, to build on the regional mall’s shopper base.
“They do a good job of attracting the military, young forming families as well as working people – and we anticipate they’ll continue to shop at The Citadel,” he said.
Citadel general manager Victoria Harley said the new ownership was “a positive step” in efforts to increase traffic to the mall.
Midwest has recently struggled to fill vacancies at its enclosed shopping center, brought on by the last two years’ decline in consumer spending and retail purchases.
The announcement could also mean good news for the city, once one or more new tenants are in place.
Macy’s closure led to the loss of half a million dollars in annual city sales tax, according to UCCS economist Fred Crowley.