COMMERCE CITY, CO – [April 18, 2022] – Blue West Capital has completed the sale of a single tenant net leased Starbucks property located at 4860 East 60th Avenue in Commerce City, CO for $3,425,000. The property received numerous qualified offers and sold for above the asking price. The property sold for a 4.23% cap rate which is the lowest cap rate ever recorded for a fee simple full-service Starbucks in Colorado, according to CoStar.
Brandon Gayeski and Robert Edwards, of Blue West Capital, exclusively represented the repeat seller. The seller was a Colorado-based partnership, and the purchaser was a 1031 exchange investor based in Colorado.
The property is strategically positioned on the heavily trafficked signalized intersection of Vasquez Boulevard and 60th Avenue which experiences traffic counts of 59,000 vehicles per day. The surrounding properties include Walmart, King Soopers, Chipotle, McDonald’s, Wells Fargo, Wendy’s, Taco Bell, and many others. Dick’s Sporting Goods Park, home to the Colorado Rapids and numerous concerts is located less than three miles from the property.
The 2,340 square foot Starbucks drive-thru property opened in 2020 and is on a long-term lease. The corporate net lease features minimal landlord responsibilities and fixed rental increases. Starbucks is a publicly-traded company (NASDAQ: SBUX) with a market capitalization in excess of $91 billion. The company operates approximately 33,833 retail stores worldwide.
“We received numerous offers highlighting the immense current investor demand for single-tenant quick service restaurant properties,” said Brandon Gayeski, Director.
“Brandon and I have been advising the developer on how to best reposition their value-add corner for almost five years. Besides selling this Starbucks, we also helped the developer sell a single tenant net lease Arby’s directly next door,” said Robert Edwards, Managing Partner.