|
|
8/14/24
|
A single-tenant, retail asset that is fully leased on a long-term basis to a Lucky’s Market in downtown Fort Collins, CO, sold for $7.3 mil. The 26.6k sf ($274/sf), freestanding property was originally built in 1966, but has undergone multiple upgrades since, including a significant multi-million-dollar transformation in 2018.
Situated on 1.74 acres at 425 South College Ave, the property is located at the northwest corner of College Ave and Mulberry St, one of the city’s premier intersections. Mulberry St is considered a primary access point to Interstate 25 and serves as the exit for those traveling to downtown Fort Collins or nearby Colorado State University. Historic Old Town Square is also within blocks of the property. The property’s downtown Fort Collins location falls under the Downtown District Zoning Code.
The property was sold by McWhinney, who completed a $3 mil renovation during its ownership. This included installing bike parking and landscaping elements, in addition to incorporating load dock screening to transform the site into a vibrant neighborhood grocer within walking distance to several nearby key destinations and amenities.
Cushman & Wakefield’s Jon Hendrickson, Aaron Johnson, Aki Palmer, and Cole VanMeveren, along with Peter Pavlakis with Legend Retail Group, represented the seller, McWhinney, in the transaction.
“Lucky’s presented a unique scenario for NNN investors, grocery focused investors, and long-term residual value minded investors to all check the box. The combination of Kroger’s creditworthiness (BBB) and 15 years of remaining lease term, led to a successful marketing campaign garnering nationwide investor interest and multiple offers,” said Hendrickson.
According to its website, Lucky’s Market was founded in 2003 by Bo and Trish Sharon, two local chefs from Boulder, CO. Presently, Lucky’s Market operates four locations within Colorado, three of which are situated within the same shopping center in Boulder, encompassing a Lucky’s Market grocery store, Lucky’s Bakehouse, and Lucky’s Bakehouse Cafe.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
