Faris Lee Completes Sale of CO Retail Asset
ByFaris Lee Investments has arranged the sale of a 14,990-square-foot, freestanding retail property in Northglenn, Colo. for $6.1 million. The retail space is triple-net leased to Walgreens. Faris Lee Investments worked on behalf of the seller, Northglenn LLC. and Pinnacle Real Estate Advisors represented the buyer Governors Park Lofts LLC. The transaction closed at a 6.5 percent cap rate.
Strategically located at 750 E. 120th Ave., at a signalized intersection at Washington Street, the asset is exposed to 60,000 vehicles per day. East 120th Avenue connects Northglenn with Interstate 25, the north/south thoroughfare serving the Denver MSA. Downtown Denver is located 20 miles from the property. Additionally, the asset is located closely to retailers including Super Target, Sprouts, Michael’s, Albertson’s, Office Max, Dollar Tree, Big 5 Sporting Good, Starbucks, Pizza Hut and McDonald’s…
