Pinnacle Announces the Sale of 1341 New Beale Street in Castle Rock
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a five-tenant net leased property located at 1341 New Beale Street in Castle Rock, Colorado for $5,000,000 or $601 per square foot. Tom Ethington and Rob Edwards of The Edwards Ethington Team represented the seller in the transaction, a local Colorado developer. The purchaser was an all cash private California-based investor in a 1031 exchange.
The new construction 8,318 square foot retail property is located in the Promenade at Castle Rock, a landmark destination and local gathering spot in Castle Rock. The property is 100 percent leased to Potbelly’s, Smoothie King, European Wax Center, Fine Nails and Beau Thai. It is also strategically positioned as an outparcel to Ross Dress for Less and Hobby Lobby, both of which are currently under construction.
The Promenade at Castle Rock is one of the largest community center developments in the United States with retail, restaurants, services, multifamily residential and thoughtfully planned outdoor spaces covering 166 acres. The project will include over 900,000 square feet of retail space and over 320 multifamily units.
“New construction retail properties in the Denver MSA continue to be highly sought after amongst 1031 exchange investors,” explained Ethington. “We successfully sourced an all-cash offer from a California-based 1031 exchange investor with a quick close.”