Pinnacle Announces the Sale of Safeway Shadow Anchored Retail Center in Firestone
Pinnacle Real Estate Advisors, LLC is pleased to announce the off-market sale of the shadow anchored Firestone Safeway Marketplace located at 8110-8196 County Road 13 in Firestone, Colorado. The 22,603 square foot retail center sold for $5,000,000 or $221.21 per square foot. Rob Edwards and Tom Ethington of The Edwards | Ethington Team represented the local 1031 buyer in the transaction.
The Safeway shadow anchored retail center was fully leased at time of sale. The center has a diverse mix of local and national tenants, including Subway, Papa John’s and Great Clips. Just minutes from I-25 and over three miles from the nearest grocer, the center contains a Safeway gas station and serves neighboring towns of Frederick and Dacono.
The buyer of the center recently sold a single-tenant, low cap rate auto parts store through The Edwards | Ethington Team, and wanted to exchange into a higher yield asset with passive ownership.
“The center’s strong tenant mix, e-commerce resistance and potential for growth in the surrounding area were especially attractive to the buyer,” stated Edwards.