Blue West Capital Arranges Sale of Single Tenant Murphy Express Ground Lease in Denver MSA

COMMERCE CITY, CO – [July 11, 2022] – Blue West Capital has completed the sale of a single tenant Murphy Express ground lease property located at 8799 Brighton Road in Commerce City, CO for $1,925,000. The property sold for a 4.00% cap rate, the lowest cap rate ever recorded for a Murphy Express property nationally, according to CoStar.

Zach Wright and Brandon Wright, of Blue West Capital, represented both the seller and purchaser in the transaction. The seller was a Denver-based developer and the purchaser was a local 1031 exchange investor.

This property features a rare low price point for a single tenant gas station property, especially for one in the Denver MSA. The Murphy Express property is strategically located along Interstate 76 at the 88^th Avenue exit. The property is located across the street from the Mile High Flea Market, which has over 1 million annual visitors and 3,000 weekly vendors. There are approximately 60,000 people living within three miles of the property.

Murphy Express has a long-term ground lease with 10% rental increases every five years and no landlord responsibilities. Murphy Express has operated at this location since 2017. Murphy Express is publicly traded company (NYSE: MUSA) and the 6^th largest convenience store chain in the United States.

“STNL properties in the Denver MSA with long-term leases priced below $2 million are rare and in high demand amongst investors,” said Zach Wright, Director & Partner.

“Investors are prioritizing and seeking properties with strong rental increases schedules as an inflationary hedge. Investors are paying premiums for these assets,” added Brandon Wright, Associate.