Represents Buyers Continued Appetite For QualityPARKER, CO, July 7, 2008 – Marcus & Millichap Real Estate Investment Services has announced the sale of a single tenant 7-11 in Parker, CO for $2,618,000. The sales price represents $856 per square foot and a 6.38% cap rate.
David Wells (top right photo) with the Wells Retail Group of Marcus and Millichap, a top senior associate working out of the firm’s Tampa office, brought the buyer to the property. The seller is a developer based out of Dallas, TX. The buyer is a private investor from Virginia.
“The sale represents a commons theme in the marketplace. Investors are still willing tocome to the table in a challenging market for a true class A asset,” comments Mr. Wells.
“The property’s lease was backed by Southland which is the corporate parent of 7-11 and has outstanding credit. The buyer already owns multiple 7-11’s with corporate guaranteed leases which allows for an elevated level of comfort for them.”
The property is newly developed with the construction being completed in the fall of
2007. It sits in on 1.22 acres on a highly trafficked commercial corridor of Parker, CO.
2007. It sits in on 1.22 acres on a highly trafficked commercial corridor of Parker, CO.
For more information about the transaction or the state of the commercial real estate market, please contact David Wells at (813) 387-4700.
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