NavPoint sells multitenant retail property in Thornton for $4.84M
A multitenant retail property in the north Denver metro area sold for $4.84 million.
YC Inc. purchased the four tenant, 8,573-square-foot property at 7315-7375 E. 128th Ave. in Thornton from seller DCP Quebec LLC. Matt Call and Ian Elfner of NavPoint Real Estate Group represented the seller. Jae Kim of Re/ Max 100 Inc., who represented the buyer, said YC Inc. purchased the property as part of a 1031 exchange.
Call said the sale came after DCP Quebec LLC secured four tenants, all with new 10-year leases. The tenants include Kids Mile High Pediatric Dentistry, Fox Creek Family Dental, Club Pilates and Frenchies Modern Nail Care.
Once on the market, the property had significant investor interest due to its quality of construction and prime location, according to Call.
“This is an infill site on a corner that’s shadow-anchored by Walmart, near a massive amount of residential development in Thornton,” Call said. “The interest this property saw is indicative of the north Denver metro growth in suburban areas that we have seen over the last several years.”
While the sale successfully closed in April, Call said the process was far from ordinary. All of the tenants temporarily closed their doors following the implementation of a statewide stay-at-home order due to COVID-19. As a result, Call said a rent deferment structure that would exist post-closing was created for each tenant. Despite this challenge, the buyer’s and lender’s trust in the tenants made closing possible.
“Given the long-term strength of the tenants, the buyer and lender got comfortable (with the rent deferment structure), and we were able to go on as scheduled,” said Call.
Featured in CREJ’s May 6-19, 2020, issue