Stabilized investment property
Blue West Capital is pleased to offer for sale the Northgate Shopping Center located in Northglenn, CO. This offering includes a 14,472-square-foot building made up of six e-commerce-resistant, service-based tenants.
This stabilized investment property offers passive ownership through a rent roll consisting of entirely triple-net leases with a weighted average lease term of 6.9 years. Positioned at the southeast corner of Malley Dr (15,190 VPD) and Washington St (31,282 VPD), the center sees over 1.1 million annual visitors (source: Placer.ai). A dominant cannabis tenant, The Green Solution, occupies 44% of the GLA and has impressive 2.1% Rent-to-Gross Sales and (~9x) EBITDAR-to-Rent ratios. An annual average rental increase of 2.65% across the rent roll annually ensures consistent rental growth hedging against market inflation and driving additional value to the center.
Northglenn is located just 10 miles north of downtown Denver. Interstate 25 splits the city and connects Northglenn to Denver to the south and Fort Collins to the north. An affluent and densely populated area, 147,168 people live within 3 miles of the property and have average household incomes of ~$117,000.
