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July 21, 2022
North Academy Shops
7214, 7344, 7390 North Academy Boulevard, Colorado Springs, CO 80920
DePaul Real Estate Advisors is pleased to announce the successful refinancing of the North Academy Shops, a three-building portfolio located in Colorado Springs, Colorado. Paul DeCrescentis and Jarod Pate at DePaul Real Estate Advisors represented the borrower, a private investment group. An insurance company provided the non-recourse, no reserves, no covenants loan for $5,000,000. The interest rate is 3.97% fixed for 10 years.
North Academy shops is comprised of 47,002 square feet on 6.02 acres of land. The property is located on North Academy Boulevard, a prime regional retail corridor with over 50,000 vehicles daily. It benefits from excellent visibility and is surrounded by first-class, nationally branded tenants such as The Home Depot, Natural Grocers, REI, Whole Foods, Sam’s Club, and many more. The property features strong and stable occupancy since it was built in 1999-2001. There are currently eleven tenants, and 93% of the center is leased. Tenants include San Antonio Shoes, Inc., Cold Stone Creamery, Noodles & Co., Visionworks, David’s Bridal, AAA Colorado, Nekter Juice Bar, Panera Bread, and VectraBank.
DePaul Real Estate Advisors is a Denver-based brokerage and investment firm serving investors in commercial real estate and businesses that occupy commercial real estate. DePaul’s businesses include asset sales, leasing, arranging senior secured debt, mezzanine debt, preferred equity, and joint venture equity for existing and to-be-built projects. For more information, please contact Paul DeCrescentis at (303)333-9799 or Jarod Pate at (720)881-2727.