STEAMBOAT SPRINGS, CO – [January 28,2020] – Blue West Capital has completed the sale of a trophy retail property located at 635 Lincoln Avenue in Steamboat Springs, CO for $6,650,000. The property sold for 96% of list price. Robert Edwards, Managing Partner of Blue West Capital, represented both the purchaser, Dexter Development, Inc, and seller, Mainstreet Ventures, LLC, in the transaction. The seller was a local Steamboat Springs investor and the purchaser was a repeat Colorado‐based investor. The property was co‐listed with Greg Breslau, a local Steamboat commercial broker with Colorado Group Realty.
The property, Old Town Square, is a 17,212 square foot two level multi‐tenant retail property that was 100% leased at time of sale. Located on 7th and Lincoln in downtown Steamboat Springs, the property is a notable landmark in Ski Town, USA. The property has been meticulously maintained and receives more foot traffic than any other retail property in Steamboat.
Ski Magazine recently ranked Steamboat as the fourth best ski destination in the United States. Aspen Skiing Company and KSL Capital Partners, a private equity firm in Denver, purchased Steamboat Springs Resort from Intrawest Resorts for $1.5 billion in 2017.
“We were surprised to learn, while marketing the property for sale, how many investors from across the country had ties to Steamboat Springs and knew the property well. It seemed investors had either strolled through the property during their last visit to Steamboat or grabbed a quick sandwich at Backcountry Delicatessen, which has been renamed to Yampa Sandwich Company,” said Robert Edwards, Managing Partner. “The strong leases, low historical vacancy rate, and upside in rental growth, combined with the exceptional location, made this an incredible and unique investment opportunity. We received a significant amount of interest from national investors which says a lot about Steamboat and our thriving real estate market,” said Greg Breslau.
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