The retail space next to Safeway at the Monument Shopping Center in Monument sold Wednesday. The sale price was $3.76 million.
The 16,399-square-foot shopping center at 556-590 W. Highway 105 has Safeway as an anchor store, which was not part of the sale, said Anne Monaghan of the public relations firm which made the announcement.
Built in 1995, the shopping center is situated on 1.62 acres. The property was fully occupied at the time of the sale and included nine tenants such as UPS, Great Clips and Subway.
“The property was purchased due to its immediate intrinsic value with below-market rents. The buyer plans to hold the property for a long period of time and enjoy the cash flow,” said Patrick G. Kent, senior vice president of Hanley Investment Group, which represented both buyer and seller in the transaction. “With over 7 qualified offers on the property, this sale sets a precedent that the buyer pool of multi-tenant retail is strong.”
The buyer was a private group from San Diego. The seller was a private investor from Highlands Ranch.