Starbucks Anchored Retail Property in Superior Brews up Investor Interest
Starbucks Shops at Superior, a 7,570-square-foot retail property, located at 100 McCaslin Blvd. in Superior, has sold for $6 million — or $793 per square foot. The property is fully occupied by Starbucks, Firehouse Subs, Bishops and T-Mobile.
Drew Isaac and Ryan Bowlby, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a local private investor, was secured by Drew Isaac, James K. Rassenfoss and Ryan Bowlby.
“High-quality, recently constructed small-format retail centers with marquee tenants like Starbucks continue to be one of the most sought-after retail property types in the marketplace, especially when they’re in a trophy location like this one,” Bowlby said.
The property’s location — at the on-ramp to U.S. 36 — had also generated high interest among investors who typically only buy in the supply-constrained Boulder County market.
“We were able to generate a strong market and significant investor interest from local and national buyers. We received multiple offers within the first two weeks of marketing, and the bidding process became very competitive,” Isaac said.
The property is surrounded by a growing population of more than 953,000 people within a 15-mile radius. New residential homes in the adjacent downtown Superior location are being sold six to 12 months prior to completion.
Photo courtesy of Marcus & Millichap