AURORA – A Colorado-based investor purchased two freestanding single-tenant buildings at the intersection of East Alameda Avenue and Interstate 225.
The undisclosed buyer acquired a 5,780-square-foot Jared Jewelry store located at 235 S. Abilene St. and a 5,698-sf Chili’s Grill & Bar at 265 S. Abilene St. for a combined $5.58 million in an all-cash transaction. The adjacent buildings were constructed in 2002. The properties sold at a 6.7% cap rate.
The properties feature corporate-backed triple-net ground leases, allowing for passive ownership for the new owner. The properties are pad sites at Aurora City Place, which welcomes more than 6.6 million visitors annually, according to Placer.ai. The properties experience high visibility from frontage on Interstate 225 and East Alameda Avenue, with volumes of 187,500 and 49,500 vehicles per day, respectively.
"Blue West Capital assisted the purchaser in a two-year acquisition process before deciding on the acquired two ground leases. These properties were chosen due to their significant upside in rents, excellent location, large land parcel, high traffic counts, and corporate-backed lease structures. Blue West Capital was able to assist the buyer through letter of intent negotiations, the purchase contract, due diligence hurdles and to a successful close.”
TOM ETHINGTON
Matthew Henrichs and Parker Brown of CBRE represented the undisclosed seller. Blue West Capital’s Tom Ethington, Rob Edwards and Noah Harrison represented the buyer in the transaction.
Owned by Brinker International, Chili’s operates more than 1,600 locations in 29 countries. Jared, owned by Signet Jewelers Ltd., operates more than 3,600 locations in the U.S., U.K. and Canada.
Headquartered in Denver, Blue West focuses on the acquisition, disposition and leasing of single-tenant net-leased properties, retail shopping centers, food and beverage, entertainment, fitness, and other commercial investment properties nationwide.
As featured in Colorado Real Estate Journal:
DEAL TEAM
Tom Ethington (Lead Broker)
Robert Edwards
Noah Harrison
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