DENVER, CO – [December 24, 2019] – Blue West Capital has completed the sale of a single tenant net leased Sherwin-Williams property located at 10460 Chambers Road in Commerce City, CO for $3,165,000. Zach Wright represented the seller in the transaction; a Colorado-based developer. The purchaser was a California-based 1031 exchange investor.
Construction was completed on the 4,500 square foot Sherwin-Williams property several weeks ago. Sherwin-Williams has a long-term net lease with 10% rental increases every five years. Sherwin-Williams is an American Fortune 500 company that operates approximately 4,900 paint stores. The company is investment grade rated with a Standard & Poor’s rating of BBB.
The new construction property is strategically positioned just north of the signalized intersection of Chambers Road and 104th Avenue. The property is a part of a larger development which features an array of national and regional tenants such as Panda Express, Wendy’s, Brakes Plus, and Dutch Bro’s. The Sherwin-Williams is poised for long-term success as the surrounding area is rapidly expanding with annual projected population growth of approximately 9% over the next five years within a one-mile radius.
“1031 exchange investors covet new construction properties such as this one that feature an investment grade rated tenant, a long-term lease, and fixed rental increases. We received several qualified offers within a few days of marketing, which evidences the current demand for high quality single tenant properties in Colorado,” said Zach Wright, Director of Net Lease Investment Sales.