New single-tenant retail buildings in Thornton sell at 5.8 percent cap rate

Adams County

1. Property Location: 581 W. 84th Ave., Thornton

Property Description: 3,044-sf retail building, YOC 2018

Land Size: 19,602 sf

Sales Price: $2.48M, or $813.07 psf

Reception No.: 4828 2019

Closing Date: 1/18/2019

Grantor: Evergreen-88th& Fox LLC by: Evergreen Devco

Grantee: VEB Properties (Virginia E. Bright, mgr.), Le Grand, CA 95333

Financing: $510,000 payable to First Savings Bank, Henderson, NV

Comments: Listed by Zach Wright, Tom Ethington & Brandon Gayeski of Pinnacle Real Estate Advisors. There is a 12% increase in the lease rate beginning with year 6, with two five-year options at the end of the 10thyear.

2. Property Location: 720 E. 88thAve., Thornton

Property Description: 2,610-sf Jiffy Lube, YOC 2018, masonry

Land Size: 34,151 sf

Sales Price: $2.33M, or $892.34 psf

Reception No.: 5359 2019

Closing Date: 1/22/2019

Grantor: TFC Thornton Oil LLC

Grantee: Ridgeview LLC, Robert & Gail McMullin, mbrs., Park City, UT 84060

Financing: $465,000 payable to American United Federal Credit, Jordan, UT

Comments: Jiffy Lube has a 20-year triple-net lease with 2% annual increases in the rent. This property sold on a going-in cap rate of 5.8%. Scott Steputis of Crosbie Real Estate Group along with Ben Brown, 801-456-8802, and Chad Moore, 801-456-8801, of Mountain West Properties (Utah) listed the property.

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.