COLORADO SPRINGS —Kmart Plaza, a 45-year-old complex at North Nevada Avenue and East Fillmore Street, has been sold to a private California investor for $7.75 million, opening the door to a revitalization of the area, a spokesman for the seller said Thursday.
No immediate improvements to the 126,000-square-foot property are planned, said Garrette Matlock, senior vice president/investments for Marcus & Millichap Real Estate Investment Services, which listed the property.
But the new owner’s primary focus of leasing two empty storefronts, including a former Blockbuster, is a good first step toward reviving the center, he said.
“I can tell you that any center that has new tenants and some vitality always helps the area.”
The owner has not been identified, and public records do not yet reflect the sale. Matlock said it’s the first Colorado purchase for the owner, who has properties nationwide and has redeveloped some of them.
The buyer has agreed to own the Kmart Plaza until at least 2025.
