Net Leased Industrial Building Sale in Denver: 4970 Cook Street
Posted on Mon, Aug 16, 2010
Justin Krieger, Rob Edwards, Bobby Hutchinson, and Joe Hornstein, brokers at Pinnacle Real Estate Advisors, are pleased to announce the sale of the Goodyear-Wingfoot Tires factory at 4970 Cook Street in Denver, Colorado for $1,515,000 today. Justin Krieger and Rob Edwards represented the seller, and Bobby Hutchinson and Joe Hornstein represented the buyer, who was in a 1031 exchange after selling a local apartment building.
The 20,000 square foot net leased industrial building sits on 2.47 acres and is leased to Wingfoot Commercial Tire Systems, a wholly owned subsidiary of the Goodyear Tire & Rubber Company. The property is used as a commercial tire retreading facility and was built for that purpose in 1999.
This is the second sale of a Colorado net leased industrial building built for a commercial tire manufacturer for Krieger and Edwards in the past year. "Despite the slow investment market, we received multiple offers on the property and were able to secure a buyer and a lender in a relatively short period of time. This speaks to the quality of the asset, the strength of the lease, and continued buyer interest in net leased properties backed by credit tenants." said Krieger.