New management company takes over Citadel Crossings

NewMark Merrill Mountain States is now managing the Citadel Crossing Shopping Center.

The company manages more than 65 shopping centers, many in Colorado.

“Colorado Springs has always been a part of our business plan to serve the entire state of Colorado, and this project marks our entry into the market,” said Allen Ginsborg, the company’s managing director. “I developed Home Depot’s first three stores in the market over 15 years ago and have always liked it.”

NewMark is taking over as the center struggles to rebuild after some blows in recent years. Electronics retailer Best Buy moved to the First and Main development on Powers Boulevard. Sierra Commercial Real Estate puts the vacancy rate at 19 percent for that area of town, among the highest in the city.

But the new manager has good news as well. Citadel Crossing is aiming for a retail comeback, as Lowe’s is constructing a new shopping center with more than 120,000 square feet, set to open in December 2012.

The addition of Lowe’s will bring the square foot total at Citadel Crossing to more than 470,000, which will make it the largest contiguous power center in the southern half of the city.