Multi-Tenant Retail/Office Investment Asset in Castle Rock Sells for $9.6M
Meadows Town Center I, a multi-tenant retail/office investment asset located at 3911 Ambrosia Street in the rapidly growing community of Castle Rock, has sold for $9,620,000.
Well-located at the entrance to The Meadows community, Meadows Town Center is situated directly west of the new $300 million Centura Adventist Hospital campus, and just two miles east of I-25, near the Castle Rock Outlets which rank in the top ten most-visited attractions in Colorado.
Castle Rock Development Company is the master developer for the Meadows. Built in 2017, the asset is comprised of two buildings connected by a second-floor hallway and is currently 100 percent occupied by five tenants of which 71 percent are medical tenants and 29 percent are restaurant tenants. Meadows Town Center is a focal point where residents can shop, eat, work, and call home.
John Witt, Matt Call, and Ian Elfner of NavPoint Real Estate Group represented the seller, TWDD, LLC. The buyer, MBFB LLC, was represented by James A Koch of James A Koch Real Estate Services.
“Meadows Town Center I received significant interest from private equity and family office investment groups with multiple immediate offers. The seller was a Denver-based development company who built the building in 2017 and the sale in November was to a high net worth individual who was in a 1031 exchange. The building is well located with a suburban main street location and an excellent mix of medical and retail tenants on long term leases. The acquisition was financed with an insurance company who offered an interest rate below 3.5 percent, signaling a continued demand for all lenders in the commercial real estate market.”
NavPoint Real Estate Group’s team has completed more than 900 transactions and is currently involved in the exclusive brokerage of well over 2,000,000 square feet of commercial real estate.
Photo courtesy of NavPoint Real Estate Group