Justin Krieger Sells Retail Property at 8th and Santa Fe in Denver
Justin Krieger, Senior Advisor at Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of 925 W. 8th Avenue located in Denver, Colorado. The 2,484 square foot restaurant building sits on a 5,981 square foot lot and sold for $800,000, representing 97% of list price. The building is leased to a convenience store and laundry-mat and also includes a leased billboard. Justin Krieger represented the local seller, and Chris Wiedenmayer of Marcus & Millichap’s Denver office represented the out-of-state 1031 exchange buyer. According to CoStar, this sale set records as the lowest cap rate transaction along the 8th Avenue corridor (from Broadway to Kalamath) and the second highest building price per square foot along that same corridor.
“This sale is indicative of the strength of the demand for urban core retail properties. The urbanization of Denver is great for these tenants and landlords, and I believe demand for this type of product will continue to grow as Denver’s density increases.” said Krieger.