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COLORADO SPRINGS, CO-Gateway Commercial LLC paid $5.5 million for the 92,862-sf Gateway Center in the second largest city in Colorado.

Gateway Village Associates sold the center at the northwest corner of South Academy Boulevard and Astrozon Boulevard. South Academy is one of the densest retail corridors in the city.

The property was built in 1984. It was 92% leased by a mix of national and local tenants. They include: Concentra Heath Services, One Dollar Shop, Hullings Tackle Pro, the Alterante Source, Pap Murphy’s Pizza and Kwik Kopy Center.

Riki Hashimoto and Dan Grotters of Grubb & Ellis’ Retail Investment Group in Denver represented both parties.

“The buyer was an out-of-state entity, new to the Colorado marketplace, which speaks volumes about the current national perception of the strength of the Front Range retail investment market,” says Hashimoto.

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