Pinnacle Announces the Sale of 750 E 120th Avenue in Northglenn, CO
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Walgreens located at 750 East Colfax Avenue in Northglenn, CO. The 14,490 square foot building sold for $6,050,000 or $418 per square foot. Rob Edwards and Tom Ethington, Principals, represented the buyer in the transaction.
“We exclusively represented a local Denver investor in his 1031 exchange. He traded out of a large parking lot west of the Governor’s Mansion into a high cap rate single tenant net leased Walgreens,” stated Edwards. “After helping him analyze a variety of different on- and off-market opportunities, he felt most comfortable with this deal because of the tenant’s strong corporate guaranty, above average store sales, and limited landlord responsibilities. The buyer also loved how this Walgreens prominently sits on 1.3 acres at the hard corner of 120th Avenue and Washington Street. This high trafficked intersection sees over 60,200 vehicles per day.”