Pinnacle Announces the Sale of The Shops at Colorado Marketplace in Thornton, CO
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of the Shops at Colorado Marketplace located at 3890 East 104th Avenue in Thornton, Colorado. The property, an approximately 6,729 SF net leased multi-tenant retail building on an approximately 0.93 acre site, sold for $2,720,000 on December 30, 2016. The property, which is located just off the southwest corner of East 104th Avenue and Colorado Boulevard and is anchored by a Safeway grocery store, was 100% occupied by T-Mobile, Verizon, and Pizza Hut and sold for full list price. Justin Krieger, Senior Advisor, represented the seller in this transaction.
“My client purchased the property about a year ago for just under $900,000 when the only tenant was Pizza Hut and the balance of the building was a vacant former Blockbuster store. He renovated it and was able to attract two national credit tenants, which substantially increased the value. The California 1031 exchange buyer was attracted to the property due to the long-term net leases and the area’s upside in terms of its rapid growth and the fact that a light rail station is slated to open behind the property in about a year,” said Krieger.