Marcus & Millichap Completes Sale Mimi’s Cafe
Colorado Springs, CO – Marcus & Millichap, commercial real estate investment services firm, announced the sale of a net leased Mimi’s Cafe located in Colorado Springs, Colo., according to Richard A. Bird, regional manager of the firm’s Denver office. The asset sold for $3,362,500.
The seller, a limited liability company, was represented by Drew Isaac, associate vice president investments and director of the Net Leased Properties Group, and Cory Gross, investment specialist and member of the National Retail Group; both agents are located in Marcus & Millichap’s Denver office. The buyer, was procured by Jorge D. Jimenez, associate vice president investments in the firm’s San Diego office.
Mimi’s Café is located at 7133 North Academy Boulevard in Colorado Springs, Colo. at the corner of Academy Boulevard and East Woodmen Road. This 6,982 square foot restaurant is situated on a 47,480 square foot lot and is surrounded by national retailers such as King Soopers, The Home Depot, Marshalls, Sam’s Club, Whole Foods and REI. The property sold with 5.5 years remaining on the original 20-year triple net lease and has rent increases every five years.
Gross states, “While the lease only had about five years remaining on its initial term at closings, the strong location couples with the fact that Mimi’s café has operated there successfully for such a long time created significant buyer interest. It ultimately sold to a 1031 exchange buyer based out of San Diego.” At the end of the current lease term the tenant will have two five-year options to renew.
Photo courtesy of Marcus & Millichap