Single-tenant auto care retail property sells for $4 million
Marcus & Millichap assisted in the sale of a single-tenant retail property leased to Firestone Complete Auto Care in Weld County.
An undisclosed California-based private capital investor purchased the newly constructed retail property at the corner of Jake Jabs Boulevard and City Center Road in Firestone from seller and developer Hummel Investments for $4 million. Drew Isaac of Marcus & Millichap was the transactional broker in the sale, which closed as part of the buyer’s 1031 exchange.
At the time of the sale, Isaac also facilitated the lease of Firestone Auto. The tenant signed a build-to-suit, 15-year triple-net lease with Hummel Investments, a developer that has sourced, entitled and managed the construction of 135 Firestone Auto stores across the country.
According to Isaac, the location will be advantageous for both the buyer and tenant as it’s positioned right off of Interstate 25, in front of a Home Depot and other major restaurant chains, including Burger King and Kentucky Fried Chicken.
“Its location right off the highway makes it perfect for both commuting employees and customers,” Isaac said.
The new store will provide customers with automotive repair and maintenance. The store was set to open in May. However, due to COVID-19-related delays, the opening date is undetermined but expected for summer.
Published in the June 3-16, 2020, issue of CREJ.