Pinnacle Announces Sale of a Net Leased Subway Building in Westminster, 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 Subway located at 9987 Wadsworth Parkway in Westminster, Colorado. The building has a drive-thru and is located in a King Soopers-anchored shopping center. The property sold for $1,049,000 on February 19, 2019 in an all cash deal. Justin Krieger represented the buyer, a local investor who was in a 1031 exchange. The seller was located out-of-state and was represented by an out-of-state broker. Subway has occupied the building since it was built approximately 25 years ago and recently extended their lease. The property traded at approximately a 5.75% cap rate.
“Inventory for single tenant net leased properties occupied by national credit tenants like Subway in metro Denver is very low, especially around the $1,000,000 price point. My client was very excited to buy this deal, and we had to compete with multiple offers right off the bat.” said Krieger.