JLL Arranges $5.7M Refinancing for ABMAR Investments at Union Square Shopping Center in Colorado Springs

COLORADO SPRINGS, Colo. — JLL Capital Markets has arranged a $5.7 million refinancing for Union Square Shopping Center, a 69,347-square-foot neighborhood retail center located at 5035–5069 N. Academy Blvd. in Colorado Springs. The firm worked on behalf of the borrower, ABMAR Investments, to secure the three-year, floating-rate loan, JLL announced Aug. 18, 2026.

The financing allows ABMAR Investments to refinance its existing debt while also funding upcoming tenant improvements for anchor Crunch Fitness and additional capital expenditures at the property. The JLL Capital Markets team was led by Associate Andrew Deaver, Senior Director Rob Bova and Director Tom Gilliland.

Property Overview: A Stabilized, Fitness-Anchored Neighborhood Center

Built in 1978 and renovated in 2005, Union Square Shopping Center sits on 8.39 acres and offers 582 surface parking spaces. The center comprises 13 tenants across retail, food and beverage, service and fitness categories, and is 98% leased. National tenants include Crunch Fitness, Chipotle Mexican Grill, Edward Jones, 7Brew Coffee and Big 5 Sporting Goods, complemented by established local operators.

At $5.7 million against 69,347 square feet, the loan equates to roughly $82 per square foot — a relatively modest leverage level on a nearly fully leased asset with a national credit tenant roster. Available space at the property has been marketed at asking rents around $14.00 per square foot per year on a triple-net basis, with suite sizes ranging from approximately 1,500 to 12,000 square feet.

ABMAR Investments: A Long-Term Owner Recapitalizing for the Next Phase

ABMAR Investments has owned and operated Union Square Shopping Center for more than two decades. The firm is a multigenerational family real estate investment group with holdings — current and historical — spanning office, retail, industrial and multifamily assets across Virginia, North Carolina, Connecticut, Florida and Colorado.

The three-year floating-rate structure and the earmarking of proceeds for Crunch Fitness tenant improvements and broader capital expenditures reflect a strategy of extending the asset's economic life and capturing upside from a stabilized rent roll. The loan's flexible term preserves ABMAR's ability to refinance or sell at a later date.

Submarket Context: Academy Boulevard and Colorado Springs' Northeast Retail Corridor

Union Square benefits from its positioning along Academy Boulevard in Colorado Springs' Northeast retail submarket, which consistently ranks among the strongest retail corridors in the metro. Annual traffic counts exceed 270,000 vehicles within a half mile of the property, providing the visibility and drive-by exposure that support retailer performance.

Within a five-mile radius, median household income exceeds $90,000 and homeownership rates surpass 60% — demographics that attract both necessity and lifestyle-oriented retailers. The submarket also draws stability from the presence of Peterson Space Force Base and the U.S. Air Force Academy, which provide a durable employment base and consistent consumer spending along the retail corridor.

Third-party market data places Northeast Colorado Springs at the top of the metro's retail rent hierarchy, with asking rents in the submarket reaching nearly $26 per square foot — well above the metro average. Retail vacancy across Colorado Springs has remained in the low-to-mid single digits, reflecting tight supply conditions that support lender confidence in floating-rate structures tied to stabilized neighborhood centers.

About the Firms

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. Services include investment sales and advisory, debt advisory, mergers and acquisitions, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory.

JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in more than 80 countries with a global workforce exceeding 112,000 as of June 30, 2026.

ABMAR Investments is a multigenerational family real estate investment group that owns, or has owned, office, retail, industrial and multifamily assets across Virginia, North Carolina, Connecticut, Florida and Colorado.