Carefree Marketplace is a 125,000-square-foot anchored retail center located along the busy Academy Boulevard corridor in Colorado Springs. When our client acquired the property in fall 2019, it was approximately 50% leased and had cycled through multiple anchor tenants—most recently Sav-A-Lot, which was underperforming. While the site offered strong fundamentals and high visibility, it presented unique leasing challenges: three distinct retail frontages diluted anchor visibility, and most inline spaces lacked rear access, limiting the types of tenant uses that could be accommodated.

Westward Properties was engaged to reposition and aggressively lease the asset. Despite the onset of the COVID-19 pandemic just months later, we rapidly executed a high-impact leasing strategy—bringing the property from 50% to 90% occupancy by the end of 2020. This included securing a new anchor tenant and more than 20 inline retailers, all while pushing projected rents upward by 20%. Our team carefully managed tenant improvement budgets to preserve ownership’s capital while maintaining strong leasing velocity. Throughout the process, we focused on exit-driven leasing—prioritizing tenant quality, credit profile, and rent growth to drive long-term asset value.

The property was sold in 2021 to a national investment group at a substantial profit, the result of strategic execution and smart positioning in a challenging market. Westward Properties has remained engaged post-sale, ensuring continued stabilization and long-term success for the center and its tenants.