Retail Property Trades Hands in Denver Tech Center for $5.7M
Englewood, CO – Marcus & Millichap recently announced the sale of Eddie Merlot’s, a 11,097-square foot retail property located in Englewood, Colorado, according to Richard A. Bird, regional manager of the firm’s Denver office. The asset sold for $5,700,000.
The buyer, an exchange buyer, was secured and represented by Bob Kaplan and Brandon Kramer, investments specialists in Marcus & Millichap’s Denver office.
Kramer stated, “The Eddie Merlot’s transaction is great example of the Marcus & Millichap platform and reach into the private client market. We listed and sold an industrial building for our client earlier in the year and advised him in the exchange process to complete an exchange into this NNN investment, occupied by Eddie Merlot’s. Even though the asset was listed by an outside firm, we were able to show our client a range of options for their exchange, ultimately choosing this asset.”
Eddie Merlot’s is a single-tenant, NNN leased property located at 10110 East Dry Creek Road in Englewood, Colo. This build-to-suit building in the Denver Tech Center closed within 60 days at a 7.65% cap rate. The property was built in 2015 and has 14 years remaining on the initial 15-year lease.
Photo courtesy of Marcus & Millichap