PARKER, CO – [February 16, 2023] – Blue West Capital has completed the sale of a new construction single tenant Murphy Express ground lease located at 9560 Twenty Mile Rd in Parker, CO for $2,100,000. Brandon Gayeski, of Blue West Capital, represented the purchaser in the transaction. The purchaser was a Denver-based 1031 exchange investor. The seller was an Arizona-based development company.
The property features a rare low price point for a new construction single tenant gas station property, especially for one in the Denver MSA. The Murphy Express property is strategically located along South Parker Road. It is positioned at the first signalized intersection south of the Parker Road and E-470 exit. South Parker Road experiences traffic counts of approximately 60,000 vehicles per day.
The property is situated within the Pine + Parker development, which features In-N-Out, Slim Chickens, Quick N Clean Car Wash, Everbrook Academy, and four multi-family buildings with 170 units. The surrounding area is extremely affluent with average household incomes in excess of $161,000 within five miles.
The twenty-year Murphy Express corporate ground lease features 10% rental increases every five years and zero landlord responsibilities. Murphy Express is a publicly traded company (NYSE: MUSA) and the 6th largest convenience store chain in the United States with over 1,500 locations.
“The purchaser approached us with only a week left in their identification period scrambling to find a replacement property. By utilizing our broad network we were able to quickly identify various high-quality single tenant properties throughout the Denver MSA and assist the purchaser in securing this coveted investment property,” stated Brandon Gayeski, Director.
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