COLORADO SPRINGS – The Market at Spring Creek, a 107,310-square-foot retail center in Colorado Springs has sold for $2.8 million. Western Centers – an established investor and property manager of retail centers throughout Colorado since 1991 — purchased the the 30-year-old center located at South Circle Drive and Monterey Rd. and is already underway with immediate improvements. The work is ongoing and is being completed by Western Building Services LLC.
The seller’s broker was Larry Thiel and Brad Cohen of Transwestern. The buyer’s broker was Corey R. Wagner of Western Centers, Inc.
“We want to return The Market at Spring Creek to its former stature as a retail shopping destination for people who live and work in this part of Colorado Springs,” said Holly Abes of Western Centers, which has successfully owned and operated more than 2 million square feet of retail centers in Colorado since the company’s inception. “We plan to invest in both small and large-scale improvements and will eventually host fundraising and entertaining events here that will benefit the surrounding neighborhood and promote the spirit of the community as a whole. We’re excited to be part of this important transformation.”
Immediate improvements for The Market at Spring Creek include addressing deferred maintenance, such as painting the building’s exteriors, repairing the parking lot and improving the landscaping with park-like settings to include outdoor art installations for the community to enjoy.
Additional improvements will include designing and installing new signage and developing community activity areas. Overall, Western Centers plans to invest an additional $1 million improvements to The Market at Spring Creek.