Justin Krieger Sells Infill Denver Net Leased Retail Condo
Justin Krieger, Senior Advisor at Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1489 Steele Street Unit C-C in Denver, Colorado. The property is a 1,348 SF retail condo that is located on the corner of East Colfax Avenue and Steele Street and is net leased to Revolver Salon. The property sold for $460,000 ($341.24/SF) yesterday. The new buyer, a local investor, purchased it in a 1031 exchange.
“I sold this property to my client last December for $435,000, so it appreciated about 6% in 9 months. There is very little inventory right now, especially for buyers looking for infill single tenant net leased retail properties. When you add the sub-$500,000 price point into the equation, the inventory is almost non-existent. Demand for these assets continues to be very strong.” said Justin Krieger.