COLORADO SPRINGS, CO-More than a dozen bidders submitted offers for a 178,252-square foot grocery-anchored power center here that ultimately sold for $25 million, according to brokers from Marcus & Millichap who negotiated the sale. The property, called Chapel Hills East, is 100% occupied and is located one mile south of Interstate 25 at 7625 North Academy Blvd., a portion of Academy Boulevard that is one of most heavily traveled thoroughfares in Colorado Springs.

Garrette Matlock, a senior vice president in the Denver office of Marcus & Millichap, listed the property on behalf of the owner and original developer, Woodland Paradise Corp. The buyer was an institutional investor.

“Chapel Hills East is one of the best located grocery-anchored power centers in the state,” says Matlock. “Its excellent location capitalizes on Colorado Springs’ growth and serves established residential areas of northern Colorado Springs.”