P. O'B Montgomery & Company Purchases Colorado Springs Retail Center

Dallas, TX: P. O'B Montgomery & Company, representing a major institutional client, recently completed the purchase of Broadmoor Towne Center, a Class A retail center totaling 177,000 square feet in Colorado Springs, Colorado. The center is located at 2120-2180 Southgate Road in Colorado Springs, in a prime location near the Broadmoor Hotel.

Under the direction of leasing partner, Kratt Commercial Properties and its president, Kevin Kratt, the property is currently 99% leased. It includes anchor tenants; Bed Bath & Beyond, PetsMart, Ross Dress for Less, Michael's, Borders, and a non-owned Home Depot and Sears that were not part of the acquisition. According to Kratt, "This was an excellent purchase. The Broadmoor Towne Center brand has been embraced in the area. This center has great personality and has solidified its identity with customers. Same store sales have increased every year, and prospects for the center are excellent."

The center is being managed by CB Richard Ellis, and Ellis' Portfolio Manager, Simon Gordon agreed with Kratt, commenting that "Broadmoor Towne Center is one of the premiere properties in Colorado Springs, both in terms of tenants and location. The demographics are fantastic, the draw is really good, and the center is very easy to reach. Smaller markets such as Colorado Springs can have great appeal and some excellent deals. This is an asset that will continue to grow for P. O'B Montgomery & Company for a long time."

Current plans call for the Center to be held on a long-term basis for the undisclosed institutional client.

For further information, contact Phil Montgomery at 972-490-4900.