Northern Colorado Retail Center Trades for $12.1M in Off-Market Agreement

A nearly fully leased retail center in Fort Collins has changed hands in a $12.1 million off-market transaction, proving that private capital remains highly active for well-occupied neighborhood shopping centers. The 56,214-square-foot asset, known as Drake Crossing, maintained a 96 percent occupancy rate at the time the deal was finalized.

Key Details

Located at 2100 W. Drake Road, the three-building commercial hub was sold by Alpine Investment Group and acquired by a partnership between Big Ben Funds and CAMCRE. JLL Capital Markets facilitated the transaction on behalf of the seller, with Jason Schmidt and Austin Snedden of the firm's Investment Sales and Advisory team leading the brokerage efforts.

According to REBusinessOnline, the buyer secured a roster of local and national tenants, including Subway, Joseph’s Hardware Store, Intersect Brewery, and Poudre Pet & Feed Supply. The $12.1 million purchase price breaks down to approximately $215 per square foot for the Colorado retail property.

Market Context

This sale provides a clear indicator of the current pricing environment for neighborhood retail in secondary and tertiary markets. At $215 per square foot, the transaction demonstrates value-oriented pricing that sits below replacement cost, a metric that continues to draw private investors out of the woodwork. Neighborhood centers anchored by service-oriented businesses, hardware stores, and grocery components have demonstrated resilience over the past 24 months as consumers prioritize essentials and local experiences over discretionary luxury spending.

Fort Collins presents a compelling submarket for commercial real estate investors due to its steady population growth and status as a regional economic hub anchored by Colorado State University. The strong occupancy rate of Drake Crossing emphasizes the fundamental demand for retail space in the area. By acquiring the asset off-market, the joint venture between Big Ben Funds and CAMCRE also avoided the prolonged due diligence periods often associated with broader marketing campaigns, allowing for a more streamlined capital deployment.

The mix of tenants at Drake Crossing provides stable, diversified income streams. Local operators like Poudre Pet & Feed Supply and Joseph’s Hardware typically drive consistent, repeat foot traffic, while national credit tenants like Subway provide a baseline of brand reliability and guaranteed lease structures. For commercial real estate professionals monitoring the Northern Colorado corridor, this specific transaction underscores a broader flight to yield, where investors are eager to trade in major metropolitan coastal hubs for high-occupancy, cash-flowing assets in mountain west regions.