CBRE Sells North College Marketplace & Nearby Starbucks in Fort Collins
Fort Collins, CO – CBRE Group, Inc. recently announced the $2.6 million sale of the 5,668-square-foot, Class A retail center located at 1856 North College Avenue in Fort Collins, Colorado. Matthew Henrichs and Brad Lyons of CBRE’s Retail Investment Services in Denver represented the seller, LC Real Estate Group, LLC of Loveland, Colorado. The Komfield Companies of Denver purchased the property in a sale that closed Aug. 1, 2016.
“At $2.6 million, the sale of 1856 North College Marketplace is on par with comparable Denver trade area assets,” said Mr. Henrichs, first vice president, CBRE Capital Markets, Denver Retail Investment Properties. “The fact investors were willing to price this property at this level speaks volumes to the growing strength and stability of the North Fort Collins retail market.”
Built in 2013, 1856 North College Marketplace is a single-story, multi-tenant retail property 100-percent leased to three national retailers: Firehouse Subs, MetroPCS and Perfect Teeth. The 0.65-acre site is shadow-anchored by a newly constructed, 127,000-square-foot King Soopers grocery store.
CBRE also facilitated the $1.95 million sale of the Starbucks located at 1850 North College Avenue in Fort Collins, Colorado. Matthew Henrichs and Brad Lyons of CBRE’s Retail Investment Services in Denver represented the seller, LC Real Estate Group, LLC of Loveland, Colorado. The acquistion marked the buyer’s first investment in Colorado. The confidential California-based entity sourced by CBRE purchased the property in a sale that closed Aug. 3, 2016, two days after Mr. Henrichs and Mr. Lyons sold a multi-tenant retail site in the same shopping complex for $2.6 million.
“It is always exciting to welcome a new investor to our market and to see what type of property attracts them, in this case a single-tenant site leased to a strong national retail brand,” said Mr. Henrichs, first vice president, CBRE Capital Markets, Denver Retail Investment Properties. “We are seeing a trend of continued strength in this particular type of opportunity. Investors around the country are seeking out best-in-class properties with long-term leases by high-quality retailers, and fortunately Colorado’s supply is helping to bring new capital into our state and bolster our already strong retail investment market.”
Built in 2015, the 1,853-square-foot Starbucks is a standalone building within North College Marketplace, a King Soopers-anchored shopping complex located in North Fort Collins at the intersection of North College Avenue and Willox Lane. The store, which includes drive-thru access, sits on 0.56 acres. The eighth Starbucks in Fort Collins, the 1850 North College Avenue location is the city’s first “reserve” store, meaning it is the only store that carries small-lot coffees from around the world. It is also the only Starbucks in Fort Collins that offers the Clover one-cup brewing system.
Images courtesy of CBRE