M & J Wilkow, Ltd. announced today that the company, together with MetLife Investment Management on behalf of its clients, acquired Chapel Hills East, a high-quality, well-located core retail asset located in Colorado Springs, CO.
Chapel Hills East is currently 100% occupied and anchored by the only Whole Foods in Colorado Springs, and features other notable retailers including Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble, and Office Depot.
Developed in 1995/1996, Chapel Hills East is a 225,000-square-foot property and is the dominant open-air retail node serving the Northern Colorado Springs trade area, providing local and regional consumers with a one-stop shopping convenience. Located at the doorstep of the dominant intersection of North Academy Boulevard and Briargate Boulevard, the property is one of the busiest, non-interstate locations in the region with combined daily traffic counts in excess of 58,900 vehicles per day.
Chapel Hils East becomes the fifth joint venture co-owned by M & J Wilkow, Ltd. and MetLife Investment Management, joining the market dominant Southlands in Aurora, CO, open-air lifestyle, dining and entertainment center Magnolia Park in Greenville, S.C., the highly popular shopping destination in suburban New York, Gateway Port Chester, as well as Town Center of Mililani, a community shopping destination in suburban Oahu, Hawaii. This acquisition also marks the tenth deal overall with MetLife Investment Management, when taking into account third party management assignments.
"We are proud to once again partner with MetLife Investment Management on this transaction to acquire Chapel Hills East," said M & J Wilkow Executive Vice President, Gregg Wilkow. "With our established presence in the Denver metro market with Southlands, a 1.7 million SF dominant open-air retail center, and 4500 Cherry Creek, a 250,000 SF premier office property located just outside of Cherry Creek, we are excited to be expanding our Colorado footprint into the Coloarado Springs market. With strong in-migration, new residential development and a diversifying economic base, Colorado Springs is poised to perform as one of the most exciting growth markets in the country."
About Chapel Hills East
Chapel Hills East is a 225,000-square-foot property on over 27 acres of land at the corner of North Academy Boulevard and East Briargate Boulevard in Colorado Springs, CO. Developed in 1995/1996, the property is accessible via three primary entrances, two off North Academy Boulevard and one off Agora Point. The property is currently 100% occupied and is anchored by Whole Foods and features Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble, and Office Depot.
About M&J Wilkow
M & J Wilkow is a leading commercial real estate owner and operator dedicated to creating value for its investors. The Company's approach to real estate emerged distinctively from an owner's perspective and has evolved over 85 years in the real estate business. M & J Wilkow's portfolio consists of 90 properties consisting of approximately 13.9 million square feet. The aggregate market value of the portfolio is estimated to be in excess of $3 billion.