DENVER, CO – [June 28, 2019] – Blue West Capital has completed the sale of a single tenant Family Dollar property located at 4609 Austin Bluffs Parkway in Colorado Springs, CO for $1,095,000. Robert Edwards and Zach Wright of Blue West Capital represented both the seller and purchaser in the transaction. The seller was a private local investor and the purchaser was a private family office located in the Midwest and Colorado.
Family Dollar previously operated at the 13,177 square foot building as a sub-tenant to Ride Aid and recently signed a new long-term lease with the landlord. The surrounding area is densely populated with over 16,700 people living within one mile. The property is located just north of the heavily trafficked signalized intersection of Austin Bluffs Parkway and Barnes Road and is one block from the Thomas B. Doherty High School (2,100+ students).
Family Dollar operates over 8,000 locations nationally. They are a wholly owned subsidary of Dollar Tree. Dollar Tree is an investment grade rated company with a Standard & Poor’s rating of BBB- and is publicly traded (NASDAQ: DLTR) with a market capitalization in excess of $26 billion. The combined company operates approximately 15,000 locations and has over 56,000 full time employees.
“This sale exemplifies a win-win transaction for both parties. The buyer looks forward to enjoying the stable long-term cash flow while the seller was able to sell the asset with a full lease term in optimal market conditions,” said Robert Edwards, Managing Partner. “There was significant investor interest in this deal which resulted in the property selling for above the asking price. Single tenant properties in this price range are extremely rare in Colorado and highly sought after amongst investors,” added Zach Wright, Director of Net Lease Investment Sales.