Union Town Center
Presidio Property acquired this shopping center in two off-market transactions from separate sellers. The center is located in the upscale Briargate area of Colorado Springs and is anchored by a major national grocer (which owns its own building), with the tenant base consisting mostly of convenience and food uses, which are typically less impacted by online retailing. The center was owned by out-of-town private investors who focused on maintaining cashflow, and most of the leases were below market at the time of acquisition. Presidio Property has been able to maintain high occupancy while renewing existing leases at increased rents.