DENVER, CO – [August 11, 2023] – Blue West Capital has completed the sale of the 22,602 square foot multi-tenant retail center known as Firestone Safeway Marketplace located at 8110 and 8196 County Rd 13, Firestone, CO for $6,000,000.Robert Edwards of Blue West Capital represented the seller, a repeat client, in the transaction. Bryce McNeely, also of Blue West Capital, represented the purchaser, a repeat Colorado-based 1031 exchange investor.
Firestone Safeway Marketplace is a multi-tenant shopping center shadow anchored by the seventh busiest Safeway in Colorado (per Placer.ai). The property has a strong occupancy rate of 95%, with a diverse mix of local and regional tenants. Conveniently located just 30 minutes north of Downtown Denver in Firestone, CO, which is one of the fatest growing cities in Colorado with a 62% increase in population since 2021. With an average household income of $115,780 within one mile, and the anticipated growth of the submarket, Firestone Safeway Marketplace is positioned for continued success and future upside in rental escalations.
“My client owned this center for about five years. After I sold it to them in 2018, they successfully completed their value-add goals by increasing the average rent per square foot from $15.75 to $21.16 and by updating the property with extensive capital improvements. After quickly generating a handful of offers, we ended up going under contract for 98.4% of list price with Bryce’s local 1031 exchange buyer. Bryce’s buyer toured the property quickly, retained the current management team, and ended up closing early.”Robert Edwards, Managing Partner
"My client’s goals were to move out of the management intensive hospitality sector and invest into a quality multi-tenant retail center with professional in place management. The 1031 exchange buyer and I diligently explored various on-market and off-market multi-tenant retail centers throughout The Front Range, and after careful consideration, decided to purchase the Firestone Safeway Marketplace. The buyer was drawn to this property because of the high demographics, low price per square foot, and being adjacent to the seventh busiest Safeway in Colorado. Despite the challenges posed by rising interest rates, I was able to assist my client in securing competitive financing with a local credit union.”Bryce McNeely, Associate
About Blue West Capital
Blue West Capital is a net lease real estate investment advisory firm focused on the acquisition and disposition of single‐tenant net leased properties, retail shopping centers, and commercial investment properties nationwide. We are a team of commercial real estate experts committed to helping our clients achieve their investment goals through a combination of exceptional client communication, professional collaboration, and individual experience.
For additional information, please visit www.bluewestcapital.com
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