DENVER, CO - [January 21, 2019] - Blue West Capital has completed the sale of a single tenant net leased T-Mobile property located at 581 West 84th Avenue in Thornton, CO. The newly constructed property sold for $2,475,000 which was a 5.78% cap rate. This sale represents the lowest cap rate for a single tenant cellular phone store nationwide in the past 12 months, according to CoStar. There have been 47 single tenant cellular phone stores sold nationwide since the start of 2018 with a median cap rate of 6.83%.
Robert Edwards, Zach Wright, and Tom Ethington, formerly with Pinnacle Real Estate Advisors, represented the seller in the transaction; a developer based in the West. The Purchaser was a California-based 1031 exchange investor.
The 3,044 square foot T-Mobile building was completed in August 2018. The property is strategically positioned along West 84th Avenue just west of Interstate 25. The immediate area is densely populated with over 22,000 people living within a one-mile radius. T-Mobile will benefit from minimal cell phone competition in the surrounding area.
T-Mobile is a publicly traded company (NASDAQ: TMUS) with a market capitalization in excess of $56 billion. T-Mobile is the third largest wireless carrier in the US with 74 million customers. T-Mobile is presently in the approval process for an announced merger with Sprint. The combined company would have over 127 million customers.
“This transaction is evidence of the current insatiable demand for single tenant properties located within the Denver MSA with long term leases to strong corporate tenants. We received numerous offers,” said Zach Wright, Director of Net Lease Sales. “1031 exchange investors continue to be the dominant player in the new construction, single tenant net leased market,” added Robert Edwards, Managing Partner.
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