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April 17, 2021
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New CO Retail Pad Building Goes for over $500/sf

2/10/21

A newly constructed, five-tenant retail pad with a drive-thru at Denver Airport Hotel Row in Denver has sold in a transaction worth $5.577 mil. Built in 2018, the 10.3k sf ($541/sf) building is situated on 1.59 acres at 6991 N. Tower Rd.

The property is 100% leased to Starbucks with a drive-thru, Jersey Mike’s Subs, BurgerIM, Pho 92 Vietnamese restaurant and Jasmine Nails & Spa. The property is located at the signalized southwest hard corner intersection of Tower Road and 67th Avenue, adjacent to the Denver International Airport, the fifth busiest airport in the U.S. (69 million annual passengers).

The property is located within walking distance of 17 new hotels totaling approximately 3,200+ hotel rooms within a two-mile radius of the property. One of the nearby hotels, Gaylord Rockies Resort and Convention Center, which opened in 2018, is the state’s largest hotel with 1,501 guest rooms.

Jeff Lefko and Bill Asher with Hanley Investment Group Real Estate Advisors, along with ParaSell Inc, represented the seller, Wadsworth Development Group of Draper, UT. The buyer, Kamby Real Estate LLC of Scottsdale, was repped by David, Hicks & Lampert Brokerage LLC of Greenwood Village, CO.

“Investor demand for new construction, multi-tenant retail pads with a drive-thru, surged back to pre-COVID levels in the 4th quarter 2020,” said Lefko. ”We had a tremendous amount of interest because of the strength of location and the tenant mix headlined by an endcap Starbucks drive-thru."

Lefko adds, “We generated multiple offers and procured a 1031 exchange buyer that closed escrow in 30 days. We achieved record pricing for a multi-tenant pad in Colorado in 2020, despite one tenant not open for business due to COVID-19 restrictions at the close of escrow.”







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