The 96%-occupied property includes 184,291 sf of retail shop space in six buildings on approximately 14.1 acres fronting North Academy Boulevard. The home furnishing retail center caters to the rapidly growing communities of northern Colorado Springs.
The MCA team of director and principal Scott Lynn and senior director Brandon Miller was responsible for arranging the 10-year loan with LaSalle Bank on behalf of an investment partnership formed by Oklahoma-based EPE Holdings, LLC--a joint venture between Price Edwards & Co. and Everest Property Group, LLC.
The buyer is Realty Capital Partners, Ltd. of Colleyville, TX. The company formed RCP North Academy, Ltd. to buy the retail center.
"RCP North Academy, Ltd. appears to be a very good investment opportunity," says company president Donna Arp. "We feel we purchased the center well-below market value and tenant rates are stable."
Realty Capital specializes in providing real estate investment opportunities to diversify investors' portfolios through individual or self-directed IRA programs.
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