CENTENNIAL, CO – [March 3, 2023] – Blue West Capital has completed the sale of the single tenant net lease Starbucks located at 20201 East Smoky Hill Road in Centennial, CO for $2,667,000 at a 4.50% cap rate. Tom Ethington, of Blue West Capital, represented the seller, a Colorado-based real estate investment company. The buyer was a Colorado-based family.
The new construction Starbucks property benefits from excellent access and visibility along East Smoky Hill Road. The retail center that the property is located within sees over 61,000 vehicles per day at the intersection of East Smoky Hill Road and South Himalaya Street. The property is shadow anchored by VASA Fitness and features a long-term lease with scheduled rent increases to hedge against inflation. This Starbucks is positioned in an affluent and growing area with average household incomes exceeding $154,000 and a total population of 120,750 people within three miles.
This sale is an excellent example of the continued demand for high quality net leased properties with national, credit tenants within the Denver MSA. We were able to source a full price offer within the first two weeks of marketing. It was a quick transaction of 23 days from contract to close.
Tom Ethington, Managing Partner
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