Justin Krieger Sells Colorado Springs Firestone Ground Lease Property

Justin Krieger, Principal at Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of a single tenant Firestone automotive property located at 1445 Jamboree Drive in Colorado Springs, Colorado. The property consists of a 6,600 SF building that is on a ground lease on a one acre site that sits in front of the Chapel Hills Mall. Firestone has occupied the property for approximately 32 years.  The transaction closed on March 1, 2021 for $3,097,000 and went from contract to close in 30 days. Justin Krieger represented the buyer, a Denver-based partnership. The sellers, located in California, were represented by Phil Sambazis at Marcus & Millichap’s San Diego, California office.

“My buyers were extremely excited about the opportunity to own a well-located property occupied by a recession and pandemic-resistant national credit tenant on an absolute net ground lease, and we aggressively pursued it the first day it was marketed.”