Lafayette, CO
Price: $13,481,000
Cap Rate: 5.25%
Status: AVAILABLE

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Blue West Capital is pleased to present the sale of Waneka Marketplace, a grocery-anchored shopping center located in Lafayette, Colorado. The 57,560 square foot property is 100% leased to three national, e-commerce resistant, and essential tenants including Sprouts Farmers Market, Dollar Tree, and Goodwill. The location, tenant line up, and surrounding demographics offers a future owner a passive, stable, and accretive cash flow for years to come. 

The subject property is located at the hard corner of US Highway 287 and W South Boulder Road (60,000 VPD), creating high visibility and ease of access from both major thoroughfares. Waneka Marketplace benefits from over 880,000 visits per year. Visits to the center not only returned to pre-pandemic levels earlier in 2022 but are now exceeding the pre-pandemic levels and continuing to trend in a positive direction. In addition to the three tenants at Waneka Marketplace, there are also a variety of other separately owned national tenants that sit in line with the property or serve as outlots. These tenants provide additional consumer drive to the subject property. 

Lafayette is an affluent and dense suburb in Boulder County. The city was recently ranked among the top 50 cities to live in the United States. Located just 18 miles north of downtown Denver and 10 miles east of Boulder, Lafayette is considered a suburban community to both cities. Within a five-mile radius, there are over 138,604 people with average household incomes of over $160,000. The subject property offers excellent accessibility, as it is located off of Highway 287 (42,000 VPD), which is the main thoroughfare in the market. 

  • ANCHORED BY SPROUTS FARMERS MARKET (NASDAQ: SFM) – Sprouts is a dominant national grocer with a market cap of over $2.82B and has over 370 stores across the country.
  • LONG TERM LEASES AND RECENT LEASING VELOCITY – Goodwill and Sprouts recently renewed their leases early, showing their commitment to the site. Together, their GLA makes up 79% of the total rentable GLA. The weighted average lease term of the center is about 8 years.
  • NATIONAL AND ESSENTIAL TENANT LINE UP – Featuring Sprouts, Dollar Tree (BBB), and Goodwill. In addition to the subject tenants, there are separately owned tenants that sit in line or serve as an outlot to the subject property. These tenants provide additional consumer draw.
  • AFFLUENT AND DENSE DEMOGRAPHIC BASE – There are over 138,604 people within a five-mile radius with average household incomes exceeding $138,000.
  • UNPARALLELED ACCESSIBILITY AND VISIBILITY – Positioned at the hard corner of Highway 287 and W South Boulder Road in the heart of the Lafayette trade area with over 60,000 VPD at the subject property.
  • BARRIERS TO ENTRY AND LIMITED FUTURE RETAIL COMPETITION – The lack of available land due to the surrounding dense single family and multifamily communities coupled with the high cost of construction make future retail competition next to impossible.
  • HIGH GROWTH SUBURB – Lafayette is growing at a rate of 5.14% annually, and its population has increased by 46.32% since the most recent census in 2010.
  • LIMITED LL RESPONSIBILITIES – Every tenant on a NNN long-term lease.
  • OFFERED FREE AND CLEAR OF DEBT – A buyer can obtain new financing on the property by locking in today’s interest rates.

OFFERING SUMMARY

Price: $13,481,000
Cap Rate: 5.25%

Leaseable SF: 57,560 SF
Price/SF:
$234.20

INVESTMENT CONTACT

CARLY KELLY
Director
Investment Sales
720.828.6290
Carly@BlueWestCapital.com

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2022-07-18T08:27:11-07:00
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