Denver-based Governors Park Lofts LLC paid $6.05 mil for a 15k sf ($403/sf), freestanding retail property NNN-leased to Walgreens in Northglenn, CO, a city 20 miles north of downtown Denver.
Built in 2001, the property is situated on 1.3 acres at 750 E. 120th Ave and is strategically located at a signalized intersection at Washington St, which sees more than 60,000 vehicles per day. It is also adjacent to a larger power center anchored by Super Target, Sprouts, Barnes & Noble, Cost Plus, and Michaels.
E. 120th Avenue is a major east/west corridor that connects Northglenn with Interstate 25, the major north/south thoroughfare serving the Denver MSA. The property is also located near many national retailers including Super Target, Sprouts, Michael’s, Albertson’s, Office Max, Dollar Tree, Big 5 Sporting Goods, Starbucks, Pizza Hut, and McDonald’s.
Shaun Riley with Faris Lee Investments represented the seller, P&A Northglenn LLC, from Newport Beach. The buyer was repped by Rob Edwards of Pinnacle Real Estate Advisors LLC. The transaction closed at a 6.51% cap rate.
“Despite only four years remaining on the initial Walgreens lease, Faris Lee garnered a strong amount of offer activity largely based on the asset’s A-plus location. We received multiple offers from buyers who understood the inherent value of the real estate in a growing suburb of Denver,” said Riley.