In-demand Retail Property in Lafayette Sells for $4.5M
Summit Marketplace, a 14,339-square-foot retail property located at 385 Crossing Drive in Lafayette, has sold for $4,500,000.
Cory Gross and Jake Shirek, investment specialists in Marcus & Millichap‘s Denver office, had the exclusive listing to market the property on behalf of the seller: Harvey Sender, receiver for Gary Dragul Receivership Estate.
The property is shadow-anchored by King Soopers at one of the busiest intersections in the Boulder sub-market where combined traffic counts exceed 56,000 vehicles per day.
“We continue to see strong demand for smaller retail centers with tenants who are focused on the service industry,” Gross said.
Summit Marketplace includes such internet-resistant tenants as food and beverage businesses as well as beauty businesses.
By leasing the remaining vacant space of 1,400 square feet, the buyer will be able to increase cash flow to double-digit returns.
“The offering received a significant amount of interest from family offices, out of state 1031-exchange buyers and local private investors,” Gross said.
Colorado continues to draw out-of-state retail buyers due to strong demographics and higher yields than in other tier-one cities.
Photo courtesy of Marcus & Millichap