First-Time Colorado Buyer Attracted by Opportunity to Acquire a Single-Tenant Retail Site 100-Percent Leased to a Credit-Backed Brand
DENVER (Oct. 20, 2016) – CBRE Group, Inc. announced today the $1.95 million sale of the Starbucks located at 1850 North College Avenue in Fort Collins, Colorado. Matthew Henrichs and Brad Lyons of CBRE’s Retail Investment Services in Denver represented the seller, LC Real Estate Group, LLC of Loveland, Colorado. The acquistion marked the buyer’s first investment in Colorado. The confidential California-based entity sourced by CBRE purchased the property in a sale that closed Aug. 3, 2016, two days after Mr. Henrichs and Mr. Lyons sold a multi-tenant retail site in the same shopping complex for $2.6 million.
“It is always exciting to welcome a new investor to our market and to see what type of property attracts them, in this case a single-tenant site leased to a strong national retail brand,” said Mr. Henrichs, first vice president, CBRE Capital Markets, Denver Retail Investment Properties. “We are seeing a trend of continued strength in this particular type of opportunity. Investors around the country are seeking out best-in-class properties with long-term leases by high-quality retailers, and fortunately Colorado’s supply is helping to bring new capital into our state and bolster our already strong retail investment market.”
Built in 2015, the 1,853-square-foot Starbucks is a standalone building within North College Marketplace, a King Soopers-anchored shopping complex located in North Fort Collins at the intersection of North College Avenue and Willox Lane. The store, which includes drive-thru access, sits on 0.56 acres. The eighth Starbucks in Fort Collins, the 1850 North College Avenue location is the city’s first “reserve” store, meaning it is the only store that carries small-lot coffees from around the world. It is also the only Starbucks in Fort Collins that offers the Clover one-cup brewing system.
Other retailers within North College Marketplace include Chase Bank, Firehouse Subs, Perfect Teeth, MetroPCS, Great Clips, Bullfront Wine & Spirits and Serious Texas BBQ. The site is less than three miles north of Old Town Fort Collins and Colorado State University, home to 32,000 students and 1,800 faculty members.
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.
