Weingarten Realty Investors has purchased the Uintah Gardens Shopping Center for $14.3 million.
The center at 1750 W. Uintah St. is expected to receive about $1 million in improvements beginning this spring.
Houston-based Weingarten is represented regionally by Miller Weingarten Realty, which is a partnership between Weingarten and Miller Development of Englewood, Colo.
MWR has completed several public/private development and redevelopment projects totaling 1.6 million square feet throughout a five-state region, including Colorado. The company has another 620,000 square feet under construction on two projects, and controls 1.1 million square feet not yet under development.
The company also owns the Carefree Shopping Center at North Academy Boulevard and North Carefree Drive as well as the Academy Place Target-Safeway-anchored shopping center at North Academy and Union boulevards.
“We are financially positioned to aggressively pursue shopping center opportunities,” said MWR spokesman John Debrovner.
Major tenants in the 211,000-square-foot Uintah Gardens center include King Soopers and Walgreens, which rank among the city’s top-performing stores, Family Dollar and Petco, said Mark Useman, the senior managing director for Sierra Commercial Real Estate who represented MWR in the transaction.
“They saw Uintah Gardens as a strong performer,” he said, noting that the buyer’s financial strength accelerated decisions by King Soopers to add a five-bay fuel center and by Walgreens to demolish existing pad structures and build a 15,000-square-foot stand-alone store with a drive-thru window.
King Soopers real estate acquisition spokesman Mike Schekel said El Paso County is considered one of the state’s most dynamic retail markets.
“We had been considering a store remodel at Uintah Gardens for over a year,” he said. “But now that Weingarten is involved, we’re definitely moving ahead.
RTA Architects project manager Doug Abernethy said the shopping center spruce up will include a stucco and masonry exterior, new awnings, new signage, improved lighting and additional landscaping.
“Our goal is to tie the center’s look to its surrounding westside neighborhood,” he said.
Petco store manager Andrea McIntyre sees the upcoming renovation as a plus for business.
“I hope they freshen it up so it looks like those shopping centers over on Powers Boulevard,” she said.
Becky.Hurley@csbj.com