Pinnacle Announces Sale of a Net Leased O’Reilly Auto Parts in Montrose, CO
Justin Krieger, Principal at Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a single tenant net leased retail property occupied by O’Reilly Auto Parts located at 1230 South Townsend Avenue in Montrose, Colorado. The property consists of a 6,992 square foot building built in 1998 on a 0.54 acre lot. It sold for $1,756,000 on April 9, 2019 in an all cash deal. Justin Krieger represented the buyer, a Denver-based investor who was in a 1031 exchange. The seller was located out-of-state and was represented by an out-of-state broker.
“My client’s goal in his 1031 exchange was to acquire a single tenant property in Colorado occupied by a national credit tenant on an absolute net lease to relieve himself of any landlord responsibilities. After an exhaustive search, we were pleased to identify this O’Reilly Auto Parts because it fit the criteria well. The fact that the tenant has successfully operated there for about 20 years was also a huge plus.” said Krieger.