Walgreens, Northglenn

Faris Lee Investments has arranged the sale of a 14,990-square-foot, freestanding retail property in Northglenn, Colo. for $6.1 million. The retail space is triple-net leased to Walgreens. Faris Lee Investments worked on behalf of the seller, Northglenn LLC. and Pinnacle Real Estate Advisors represented the buyer Governors Park Lofts LLC. The transaction closed at a 6.5 percent cap rate.

Strategically located at 750 E. 120th Ave., at a signalized intersection at Washington Street, the asset is exposed to 60,000 vehicles per day. East 120th Avenue connects Northglenn with Interstate 25, the north/south thoroughfare serving the Denver MSA. Downtown Denver is located 20 miles from the property. Additionally, the asset is located closely to retailers including Super Target, Sprouts, Michael’s, Albertson’s, Office Max, Dollar Tree, Big 5 Sporting Good, Starbucks, Pizza Hut and McDonald’s.

“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 Shaun Riley, senior managing director at Faris Lee Investments, in prepared remarks.

Riley represented the seller and Rob Edwards of Pinnacle Real Estate Advisors LLC worked on behalf of the buyer.