Sale Marks Record Cap Rate Pricing for a Colorado Starbucks Location
DENVER (Oct. 20, 2016) – CBRE Group, Inc. announced today the $1.85 million sale of the Starbucks located at 980 North Ten Mile Drive in Frisco, Colorado. Located 70 miles west of Denver, Frisco lies in the heart of Colorado ski country, centered between Breckenridge and Vail. Matthew Henrichs and Brad Lyons of CBRE’s Retail Investment Services in Denver represented the seller, NAVA Real Estate Development of Denver. A private buyer out of New Mexico purchased the property in a sale that closed Sept. 8, 2016.
“With record cap rate pricing, this sale puts Frisco on the map as the primary retail center and provisioning town for mountain travelers headed west out of Denver,” said Mr. Henrichs, first vice president, CBRE Capital Markets, Denver Retail Investment Properties. “In addition to its strategic location, investors were drawn to the opportunity to acquire a single-tenant retail location leased to a credit-backed national brand.”
Built in 2015, the 2,067-square-foot Starbucks store sits on 0.314 acres and offers customers drive-thru access. The standalone site is adjacent to a newly constructed Natural Grocers by Vitamin Cottage and Whole Foods Market. The shopping area also includes a Bank of the West, Rio Grande Mexican Restaurant, a Valero fuel station, a Kaiser Permanente medical office, two hotels and several national fast food restaurant chains.
The Starbucks is located at the corner of Summit Boulevard and Dillon Dam Road with visibility from Interstate 70 and traffic counts of 21,000 vehicles per day. Seven ski resorts are within a 30-minute drive. Starbucks relocated to the 980 North Ten Mile Drive site following 20 years of operation in a nearby shopping center, which has since closed.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
