{"id":1004200097,"date":"2017-12-11T13:11:41","date_gmt":"2017-12-11T21:11:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004200097"},"modified":"2022-12-08T22:39:15","modified_gmt":"2022-12-09T06:39:15","slug":"faris-lee-completes-sale-of-co-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/faris-lee-completes-sale-of-co-retail-asset\/","title":{"rendered":"Faris Lee Completes Sale of CO Retail Asset"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004200099\" style=\"width: 386px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Northglenn-Walgreens.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004200099\" data-attachment-id=\"1004200099\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-completes-sale-of-co-retail-asset\/northglenn-walgreens\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Northglenn-Walgreens.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Walgreens, Northglenn\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Walgreens, Northglenn &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Northglenn-Walgreens.jpg?w=800\" class=\"wp-image-1004200099 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Northglenn-Walgreens.jpg\" alt=\"Walgreens, Northglenn \" width=\"376\" height=\"292\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Northglenn-Walgreens.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Northglenn-Walgreens.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Northglenn-Walgreens.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 376px) 100vw, 376px\" \/><\/a><p id=\"caption-attachment-1004200099\" class=\"wp-caption-text\">Walgreens, Northglenn<\/p><\/div>\n<p>Faris Lee Investments has arranged the sale of a 14,990-square-foot, freestanding <a href=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-arranges-inland-empire-retail-sale\/\">retail property in Northglenn<\/a>, Colo. for $6.1 million. The retail space is triple-net leased to Walgreens.\u00a0Faris Lee Investments\u00a0worked 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.<\/p>\n<p>Strategically located at 750 E. 120<sup>th<\/sup> Ave., at a signalized intersection at Washington Street, the asset is exposed to 60,000 vehicles per day. East\u00a0120<sup>th<\/sup> 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\u2019s, Albertson\u2019s, Office Max, Dollar Tree, Big 5 Sporting Good, Starbucks, Pizza Hut and McDonald\u2019s.<\/p>\n<p><em>\u201cDespite only four years remaining on the initial Walgreens lease, Faris Lee garnered a strong amount of offer activity largely based on the asset\u2019s A-plus location. We received multiple offers from buyers who understood the inherent value of the real estate in a growing suburb of Denver,\u201d<\/em> said Shaun Riley, senior managing director at Faris Lee Investments, in prepared remarks.<\/p>\n<p>Riley represented the seller and Rob Edwards of Pinnacle Real Estate Advisors LLC worked on behalf of the buyer.<\/p>\n<p><em>Image courtesy of Faris Lee Investments<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Governors Park Lofts LLC has acquired the freestanding retail property for $6.1 million. The transaction closed at a 6.5 percent cap rate.<\/p>\n","protected":false},"author":871,"featured_media":1004200099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21742,21749,15],"tags":[35440,38567],"class_list":["post-1004200097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-latest","category-retail","category-west","tag-faris-lee-investments","tag-shaun-riley"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Faris Lee Completes Sale of CO Retail Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/faris-lee-completes-sale-of-co-retail-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Faris Lee Completes Sale of CO Retail Asset\" \/>\n<meta property=\"og:description\" content=\"Governors Park Lofts LLC has acquired the freestanding retail property for $6.1 million. 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