IRVINE, Calif., December 7, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $6.05 million sale of a 14,990-square-foot freestanding retail property triple-net leased to Walgreens in Northglenn, CO, a city 20 miles north of downtown Denver.
Senior Managing Director Shaun Riley of Faris Lee Investments represented the seller, P&A Northglenn LLC from Newport Beach, Calif. The buyer, Denver-based Governors Park Lofts, LLC, was represented by Rob Edwards of Pinnacle Real Estate Advisors, LLC. The transaction closed at a 6.51 percent 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.
Built in 2001, the property is situated on 1.3 acres at 750 E. 120th Avenue and is strategically located at a signalized intersection at Washington Street 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.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.