DENVER, CO – [June 13, 2019] – Blue West Capital has completed the sale of a two-tenant retail property located at 5700 New Abbey Lane in Castle Rock, CO for $4,725,000. This sale received multiple qualified offers and went contract to close in 38 days at 98.40% of asking value.
Tom Ethington represented the seller in this transaction; assisting the repeat developer with valuation and buyer selection. The purchaser was a 1031 exchange investor based in Colorado.
The 8,152 SF building is newly constructed and is 100% occupied by Fuzzy’s Taco Shop and American Family Care Urgent Care which both have 10-year leases in place.
The subject property is strategically located in Promenade at Castle Rock, the retail epicenter of the south Denver Trade Area. The trade area offers strong demographic densities with over 63,400 residents within a 5-mile radius of the subject property, 10.6% 3-mile population growth, and features some of the highest median incomes along the Front Range of Colorado – over $141,900.
“Retail is not dead; it is just changing. Private capital investors continue to seek well placed retail investments that are in lifestyle shopping districts with tenants that play against e-commerce. Investors, developers and most importantly tenants are realizing the synergies of combining grocery anchored developments with additional “visit required” foot traffic tenants like fitness, specialty fashion, QSR and medical uses.” added Tom Ethington, Managing Partner, Investment Sales.