Storefront Retail & Office
16,000+ Leasable Square Feet
The Shoppes on Horizon
``86,000 residents live within a five mile radius``
The Shoppes on Horizon is a fully stabilized, 16,171 square foot, Safeway shadow anchored shopping plaza positioned in one of Colorado’s fastest growing metropolitan markets. Located in Grand Junction, CO, The Shoppes on Horizon is part of significant retail concentration that services over 86,000 residents within a five-mile radius. Tenancy is comprised of national and regional brands that are largely e-commerce resistant.
Acquiring the Listing
Marching Toward Stabilization.
- The firm (“FCA”) was hired to handle the management and leasing of the property when in receivership.
- Once the property was sold out of receivership, the new owner retained FCA for management and leasing of the property.
- We made significant improvements in the day to day operation of the property, creating a more efficient budget while simultaneously filling existing vacancies.
- 68% occupied to 90% occupied while the firm handled leasing. FCA kept this management and leasing assignment until the decision was made to dispose of the asset in January of 2020.
Aligning Strategy
Achieving Client Objectives Requires Flexibility.
- Owner was motivated to sell the property as it was their only asset in Colorado and created inefficiencies in portfolio.
- FCA was selected as the investment sales team and the property was brought to market just before the onset of the COVID-19 pandemic.
- Marketing strategy aimed to highlight the offering to as many investors as possible on a nationwide scale.
- The COVID-19 pandemic brought CRE activity to a grinding halt, especially retail strip centers in tertiary markets, such as Shoppes on Horizon and Grand Junction, CO, respectively.
Acquiring Multiple Offers
Timing the Loosening of Monetary Policy.
- Initial market response was strong and the property generated encouraging activity.
- As the COVID-19 situation elevated to a global pandemic, activity slowed drastically. At that point, the firm’s guidance and focus shifted back to the property’s rent roll, concentrating on retaining existing tenants in order to preserve the property’s cash flow and, subsequently, its’ value. The Shoppes on Horizon did not lose a single tenant during the COVID-19 pandemic.
- As financial stimulus began to roll out and monetary policy loosened, the firm refocused efforts on the sale of the property. Shortly thereafter, the firm had a multiple offer situation.
Closing Without Friction
Even with a global pandemic looming, the firm delivered.
- Fortius Capital, the firm’s parent company, had an existing relationship with one of the groups that offered on the property (asset manager of Highlands Business Center).
- Due to their presence in the market, experience with Fortius’ other subsidiaries and overall integrity, FCA recommended the Seller select this Buyer.
- The property closed without issue and on time.
- Fortius Commercial Advisors was retained to handle management and leasing of the property.
Overdelivering on FCA Value
The Catalyst to 100% Occupancy.
- The firm brought the property to near fully stabilized occupancy and market rents.
- Not a single tenant was lost during the COVID-19 pandemic.
- FCA was able to generate a transaction in an environment where retail assets struggled.
- Shortly after closing, FCA brought a credit-tenant to the one existing vacancy.
- The property is now 100% occupied and NOI is significantly above the pro-forma figure provided during the sales process.
Interested in working with us?
CRE stakeholders seeking to buy, sell or optimize
a portfolio in Colorado may consider inquiring.
