BrokerageRetail

Nine Retail Properties Across Front Range Sell for a Combined $32.6M

Matthew Henrichs, Brad Lyons and Parker Brown with CBRE Capital Markets recently completed the individual sales of nine single-tenant, net-lease retail properties across the Front Range for a total of $32.6 million. Over the past nine months, the team has completed 21 single-tenant, net-lease sales totaling more than $84.86 million.

According to CBRE’s Q4 2019 U.S. Net-Lease Investment Report, retail net-lease investment volume in the U.S. reached $17.7 billion in 2019, up 24.1 percent year-over-year.

“More investors are turning to net-lease properties because of their strong risk-adjusted returns, and they are targeting assets located in high-growth secondary or tertiary markets like Denver and other Front Range communities,” stated Matthew Henrichs, senior vice president, CBRE Capital Markets, National Retail Partners.

Most-Recent Sales

CBRE’s Matthew Henrichs recently represented the seller, Colorado-based American Eagle Investments, of a 18,600-sq.-ft. single-tenant, net-lease CarMax located at 3760 Byrd Drive in Loveland. A local Colorado investor purchased the property in a $7 million sale that closed Mar. 11.

Henrichs also represented Feinberg Properties in the $1.78 million sale of a 2,600-square-foot. Burger King located at 651 16th Street in Golden. The drive-through building, located adjacent to a Safeway grocery store and a few blocks from Coors Brewery, features prominent signage and is located just one block from the Colorado School of Mines, home to 6,000 full-time students. The sale closed Feb. 27.

Earlier Sales

Mr. Henrichs also represented the seller, Ogilvie Properties, of a 46,093-sq.-ft. Best Buy at Denver West Plaza, located at 1400 Colorado Mills Parkway in Lakewood. The $10 million sale closed Dec. 20, 2019. The property is adjacent to the Colorado Mills outlet mall, a 1.1 million sq. ft. shopping center featuring many national retailers including Super Target, H&M and Dick’s Sporting Goods. Best Buy has operated at the location since 2003. This property is located near the confluence of Colfax Avenue, Interstate 70 and 6th Avenue, one of the busiest intersections on the west side of Denver.

Earlier in 2019, Mr. Henrichs, Mr. Lyons and Mr. Brown represented Colorado-based McWhinney in the sales of six pad sites at the Marketplace at Centerra, northern Colorado’s largest power center home to 35 shops and restaurants, including Target, Bed Bath & Beyond, Old Navy, JoAnn’s Fabrics, Marshalls, Pier 1 Imports and PetSmart.

The properties sold also included:

  • 1505 Rocky Mountain Avenue; a 5,567-sq.-ft. property with tenant Buffalo Wild Wings
  • 1545 Rocky Mountain Avenue; a 4,402-sq.-ft. property with tenant Chick Fil-A
  • 1425 Rocky Mountain Avenue; a 5,420-sq.-ft. property with tenant Chilis Grill & Bar
  • 1620 Foxtrail Drive; a 4,105-sq.-ft. property with tenant McDonalds
  • 1535 Rocky Mountain Avenue; a 2,664-sq.-ft. property with a global coffee chain tenant
  • 1412 Hahns Peak Drive; a 5,498-sq.-ft. property with a national bank tenant

Each sale was completed independently and not part of a portfolio transaction.

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