COLORADO SPRINGS, CO – [September 27, 2022] – Blue West Capital has completed the sale of a single tenant net leased Firestone Complete Auto Care property located at 1358 Republic Drive in Colorado Springs, CO for $4,398,000. Brandon Gayeski and Zach Wright, of Blue West Capital, exclusively represented the seller. The seller was a private REIT and a repeat client. The purchaser was a 1031 exchange investor based in Florida. The property received numerous qualified offers and sold for 98% of the asking price.
The Firestone property was constructed in 2021 and features a long-term absolute triple net lease that includes rental increases every five years. The tenant is an American Fortune 500 Company that operates approximately 1,700 Firestone locations. The company is investment grade rated with a Standard & Poor’s rating of A.
The recently constructed 6,116 square foot property is strategically positioned adjacent to InterQuest Marketplace, a 900,000+ SF mixed-use development in Colorado Springs’ rapidly expanding northern corridor. The Firestone is just west of Interstate 25 and positioned in the immediate proximity to the U.S Air Force Academy. The surrounding area is affluent with average household incomes in excess of $147,000 within three miles.
“Despite the recent rapid rise in interest rates and other headwinds facing the market, we continue to see significant demand for high quality single tenant properties in Colorado,” stated Brandon Gayeski, Director.
“New construction single tenant properties with long-term leases and investment grade tenants that are in desirable major MSAs continue to be are the forefront of demand amongst net lease investors. We anticipate pricing for these properties to remain strong, despite the inevitable continued rise in single tenant cap rates, due to their limited availability,” added Zach Wright, Director & Partner.
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