ERIE, CO – [February 3, 2022] – Blue West Capital has completed the sale of the single tenant net lease UCHealth medical office building located at 2970 Arapahoe Road in Erie, CO for $5,650,000. Tom Ethington, of Blue West Capital, represented the 1031 exchange buyer, an Arizona-based family. The seller was a local developer.
The new construction UCHealth property benefits from excellent access and visibility along Highway 287. The retail center that the property is located within sees over 58,000 vehicles per day at the intersection of Highway 287 and Arapahoe Road. The property will be shadow anchored by Lowe’s Home Improvement and King Soopers upon completion of construction. The property features a long-term lease with rent increases in the options to hedge against inflation. This UCHealth is positioned in an affluent and growing area with average household incomes of $144,700 and an annual population growth rate of 6.3% over the past 10 years within one mile.
“We started the 1031 exchange acquisition process well in advance of the Buyer’s downleg property closing to maximize replacement investment options. There was a desire to diversify into multiple properties with a mix of single-tenant and multi-tenant NNN investments. The Nine Mile trade area will continue to grow and the UCHealth building will greatly benefit from the synergies of Lowes Home Improvement and King Soopers as the anchors.” stated Tom Ethington, Managing Partner.
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