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| New Retail Building, 13591 Huron Street, Westminster, CO |
WESTMINSTER,
CO -- Hanley Investment Group Real Estate Advisors, a nationally-recognized
real estate brokerage and advisory firm specializing in retail property sales,
announced the firm has completed the sale of a new construction, freestanding,
multi-tenant retail building at 13591 Huron Street in Westminster, Colorado.
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| Jeff Lefko |
The three-tenant building includes Dunkin’
Donuts with a drive-thru, Bank of America ATM and Huron Liquor.
The purchase
price was $3,250,000, representing $603 per square foot. The property closed at
a 5.9 percent cap rate, one of the lowest cap rates for a multi-tenant retail
pad in the Denver MSA.
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| Bill Asher |
Hanley Investment Group Vice President Jeff
Lefko and Executive Vice Presidents Bill Asher and Jeremy
McChesney represented the seller, Mark Development Inc. of Redlands,
California. Peter Peluso of Legend Partners in Denver represented the
buyer, a private investor from Florida.
“We generated 14 offers within the first two weeks of marketing the property due to the quality of the location – a high-traffic, signalized intersection in an affluent, fast-growing Denver submarket – and the quality of the tenants on long-term leases in a newly constructed building,” said Lefko.
“We generated 14 offers within the first two weeks of marketing the property due to the quality of the location – a high-traffic, signalized intersection in an affluent, fast-growing Denver submarket – and the quality of the tenants on long-term leases in a newly constructed building,” said Lefko.
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| Jeremy McChesney |
“The strength of the asset and its
fundamentals created an immediate bidding war which resulted in a sale price
over the original list price and one of the lowest cap rates for a multi-tenant
retail pad in the Denver MSA.”
The 5,389-square-foot building was built in 2016 and is situated on 1.15 acres at the signalized intersection of Huron Street and 136th Avenue in Westminster. All three tenants have initial 10-year leases with fixed rental increases, according to Asher.
“The Dunkin’ Donuts’ lease was very appealing to investors as it was guaranteed by a 400+ unit operator,” said McChesney. “The franchisee is extremely experienced operating brands including Little Caesars Pizza, Wingstop, Red Robin Gourmet Burgers and Brews, and Sizzler.
The 5,389-square-foot building was built in 2016 and is situated on 1.15 acres at the signalized intersection of Huron Street and 136th Avenue in Westminster. All three tenants have initial 10-year leases with fixed rental increases, according to Asher.
“The Dunkin’ Donuts’ lease was very appealing to investors as it was guaranteed by a 400+ unit operator,” said McChesney. “The franchisee is extremely experienced operating brands including Little Caesars Pizza, Wingstop, Red Robin Gourmet Burgers and Brews, and Sizzler.
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| Peter Peluso |
"It was a very attractive
characteristic to the asset that created a tremendous volume of interest and was
viewed by investors similar to purchasing an investment with a corporate
guaranty such as a Starbucks.”
Bank of America has a 900-square-foot location at the property and it is the company’s new ATM prototype.
“The investment offers a secure and stable income stream with internet-resistant tenants positioned for long-term success,” said Asher. “The property also benefits from over 270,000 people in a five-mile radius and an average household income exceeding $110,000 in a one-mile radius.”
There are over 33,000 cars per day at the intersection of Huron Street and 136th Avenue with points of ingress and egress from both streets, Lefko notes.
Bank of America has a 900-square-foot location at the property and it is the company’s new ATM prototype.
“The investment offers a secure and stable income stream with internet-resistant tenants positioned for long-term success,” said Asher. “The property also benefits from over 270,000 people in a five-mile radius and an average household income exceeding $110,000 in a one-mile radius.”
There are over 33,000 cars per day at the intersection of Huron Street and 136th Avenue with points of ingress and egress from both streets, Lefko notes.
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