Pinnacle Real Estate Advisors Arranges Sale of Single Tenant Advance Auto Parts Property Within the Denver MSA
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a single tenant net leased Advance Auto Parts property located at 1410 Main Street in Longmont, CO for $2,074,000. The property sold for the full asking price and the transaction closed within 17 days of the executed contract. The property is located within prestigious Boulder County.
Rob Edwards and Zach Wright of The Edwards | Ethington Team represented the seller in the transaction, a Colorado-based family. The purchaser was a private California-based investor in a 1031 exchange. The Edwards | Ethington Team procured numerous offers including multiple at full price.
The 7,000 square foot Advance Auto Parts property is strategically located along Main Street just north of downtown Longmont. The surrounding area is rapidly expanding with projected 2.2% annual population growth within a five-mile radius over the next five years. The Advance Auto Parts is benefitted by its proximity to numerous retailers including Walmart Supercenter, King Soopers, Natural Grocers, Walgreens and many others.
The Edwards | Ethington Team successfully assisted the seller in securing an early five-year lease extension. The corporately guaranteed lease has over eight years remaining and features minimal landlord responsibilities. Advance Auto Parts is an investment grade rated tenant with a Standard & Poor’s rating of BBB-.
“As evidenced by the high level of activity and numerous offers, there is a significant amount of capital chasing single tenant assets located in Colorado. The market has created an environment which remains very favorable to sellers looking to take advantage of near historic cap rates” said Wright, Associate Advisor.
“The competitive landscape for single tenant properties in Colorado allowed the seller to choose from numerous comparable offers ultimately selecting a full-price offer with a 17-day transaction timeline,” added Edwards, Principal.