by Avalon Jacka at Colorado Real Estate Journal
EVANS – A restaurant building at the corner of 23rd Avenue and 34th Street traded hands in March.
Pasteles Cisne 4 LLC acquired the 6,374 sf building at 3390 23rd Ave. from 3390 LLC for $1.1 million, according to Weld County public records.
Josh Lorenzen and Shawn Dickmann of Blue West Capital represented the seller, a local investor, in the transaction. The buyer, an Aurora-based restaurant and bakery operator, was represented by Raul Hernandez of Paisano Realty. The asset garnered “strong” interest from a wide group of interested buyers during the marketing process, a statement from Blue West said.
“There were two developers looking at redeveloping (the asset) into a drive-thru property given the traffic in the area from Sam’s Club and Walmart,” Lorenzen said. “In the end, the ownerusers provided the most competitive offers. The buyer will be able to keep the interior as is, allowing for a quicker opening date.”
The property is positioned across the street from Sam’s Club, which ranks first in foot trafficamong all Sam’s Clubs locations within 30 miles, according to a Blue West statement. The asset benefits from additional surrounding retail, and nearby population growth of 3.5% annually is projected for the next five years, the statement said.
Built in 2005, the property was vacant and in excellent condition at the time of sale, allowing the buyer to quickly occupy the building, according to the statement from Blue West. The area’s strong population growth and need for additional retail amenities made the asset a “compelling investment” for the buyer, the statement said.
As featured in CREJ
DEAL TEAM
Josh Lorenzen and Shawn Dickmann
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