Pinnacle Brokers CO Retail Asset Sale
- Mar 01, 2019
Justin Krieger, principal at Pinnacle Real Estate Advisors has completed the $1 million, all-cash sale of a single-tenant, net-leased retail property occupied by Subway in Westminster, Colo. The seller, a New York-based investor, was represented by an out-of-state broker. Krieger worked on behalf of the buyer, a local investor, who purchased the building in a 1031 exchange. The asset traded at a cap rate of almost 5.75 percent.
Located at 9987 Wadsworth Parkway, the property is adjacent to a dense residential area and offers easy access to Interstate 36. The building is in a King Soopers-anchored shopping center and has a drive-thru. Subway has been a tenant since the property was completed, almost 25 years ago, and has extended their lease.
“Inventory for single-tenant, net-leased properties occupied by national credit tenants like Subway in metro Denver is very low, especially around the $1 million price point,” said Krieger in a prepared statement.
The new deal comes a few weeks after Bedford Lodging opened a 127-key SpringHill Suites in Lakewood, roughly 12 miles from 9987 Wadsworth Parkway.
Image courtesy of Pinnacle
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com.