DENVER, CO – [July 14, 2020] Blue West Capital has completed the sale of two neighboring net leased retail investment properties located at 1500 and 1520 West 4th Street in Pueblo, CO for $1,230,000 and $5,050,000, respectively. Robert Edwards represented the buyer, a Colorado based family office, in the transactions. The two different sellers were represented by other brokerage companies.
The properties are ideally located in the center of Pueblo off the corner of Abriendo Avenue and West 4th Street (Lincoln Street), a signalized, heavily trafficked intersection that sees over 20,000 vehicles daily. The properties are also conveniently located within a mile of both the Arkansas River to the north and Pueblo Community College to the west. Local attractions such as the Pueblo Zoo, Midtown Shopping Center, the Arkansas Riverwalk and Whitewater Park are all located within a 2-mile radius. Pueblo is currently the 9th largest city in Colorado with a population in excess of 110,000 and a projected growth rate of over 3.6% for 2020-2025.
“We were able to help our client purchase both properties the same day from two different sellers. Owning the whole city block allows for management efficiencies and control of future tenant uses. The buyer plans to enjoy the long-term secure cash flow from the credit tenants (Starbucks, Walgreens, and Cricket Wireless) while the surrounding area benefits from continued Opportunity Zone private investment. Both Walgreens and Starbucks have drive-thru windows that capitalize on the daily Fourth Street downtown commuter traffic. Fourth Street is the main access point into downtown Pueblo over the Arkansas River and BNSF rail yards. The tenants also service the surrounding neighborhoods with no nearby competition.” said Robert Edwards, Managing Partner.
Starbucks Corporation is a well-known specialty coffee retailer with an S&P Credit Rating of A- and annual sales volumes exceeding $21 Billion. This Starbucks space offers a drive-thru window, making it the most centrally located of only four drive-thru Starbucks available in Pueblo. Walgreens is the second largest drug store operator in the country with over 9,500 locations nationwide. Headquartered in Deerfield, IL, the company is publicly traded (NASDAQ: WBA) with a market capitalization in excess of $48 billion.