A multitenant triple-net leased retail asset sold at a price nearing $300 per square foot.
William Penn Apartments LLC, according to public records, paid $4.35 million, or $293.86 per sf, for 7824 Park Meadows Drive. It was sold by 7824 Park Meadows LLC.
Constructed in 2003 and located at Park Meadows Drive and Acres Green Drive, the 14,803-sf property is fully leased. Tenants include a UFC gym, a cycle bar and an Aveda salon.
“The buyer recently sold a portfolio of central Denver apartment buildings and was excited to transition into a higher-yielding property,” said Jeff Johnson of the Johnson Ritter team at Pinnacle Real Estate Advisors LLC. “This turnkey investment gives the buyer a nice opportunity to enjoy the benefits of an investment property with triple-net leases in place, as compared to their previous experience with multifamily investments.”
Johnson and Corey Sandberg, also of the Johnson Ritter Team, assisted both the buyer and seller in the transaction.
A number of offers were received on the property.
“The buyers were able to get a nice triple-net deal with leases in place and a good future,” added Sandberg.