STEAMBOAT SPRINGS, CO - [December 16, 2022] – Blue West Capital has completed the sale of a trophy single tenant net leased FedEx property located at 2717 S Copper Passage in Steamboat Springs, CO for $5,000,000. The property sold for a 4.75% cap rate.
Brandon Gayeski of Blue West Capital exclusively represented the seller. The seller was a Colorado-based private investor. The property received numerous qualified offers and sold for 96% of the asking price. The property closed within 35 days of being under contract to an all-cash Denver-based purchaser.
FedEx has operated at this property since 2000 and recently agreed to a long-term lease extension. The corporate net lease features minimal landlord responsibilities and rental increases ever year. FedEx is the largest express transportation company in the world, generating $84 billion in revenue in 2021. FedEx is an investment grade rated tenant with a Standard & Poor’s rating of BBB.
Steamboat Springs is internationally recognized as a top ski resort destinations in America featuring roughly 3,000 skiable acres. Steamboat Springs has been dubbed Ski Town U.S.A due to the fact that Steamboat has produced more athletes for the Olympics that any town in North America with over 100 Olympians.
“The FedEx was a rare opportunity to acquire a trophy single tenant property in one of Colorado’s most highly sought-after mountain towns. Properties like the FedEx don’t trade hands often. We received significant interest in the deal from investors across the country and were surprised by how many of these investors had ties to Steamboat.”
Brandon Gayeski, Director
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