Castle Rock Sam’s Club ground lease closes for $6.3 million

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Douglas County

Property Location: 5940 Promenade Road, Castle Rock

Property Description: 136,482-sf, single-story big box Sam’s Club, YOC 2017, masonry construction plus 192-sf service station with pumps

Land Size: 16.435 acres

Sales Price: $6.3M

Reception No.: 2018054793

Closing Date: 9/7

Grantor: Imperial Locust (Promenade Castle Rock, Alberta Development, Don Provost)

Grantee: Brock Associates III LLC (Andrew Brock, mgr.), 719-579-6433, Colorado Springs 80906

Financing: Cash

Comments: This property was listed by Phil Hicks of David Hicks Lambert. According to the marketing brochure, this property sold on an in-place cap rate of 4.6% with the first 20 years level term. There are 10 five-year bumps @ 5% per each five years.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

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