Jul 11, 2022

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 88th 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 6th 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.

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