Wendys, Arbys outparcels sell to SSCI at sub-5% cap rates

Wendy’s occupies the 1.07-acre property on an absolute net ground lease with five-plus years remaining.

A pair of outparcels to a Cabela’s-anchored retail center in Thornton sold for $3.87 million. The Wendy’s and Arby’s at The Grove development sold in separate transactions to SSIC Inc. for $2.2 million and $1.67 million, respectively.

The 3,500-square-foot Wendy’s, located at 150 E. 144th Ave., was built in 2015. It sold at a 4.75% cap rate.

Wendy’s occupies the 1.07-acre property on an absolute net ground lease with five-plus years remaining.

Arby’s, constructed in 2016, has 11-plus years remaining at the property at 200 E. 144th Ave., where it also occupies on an absolute net ground lease. The 3,003-sf Arby’s also is located on a 1.07-acre site.

It sold at a 4.8% cap rate. Justin Brockman and Chris Student of the Brockman Group represented the seller, Thornton Development LLC.

The buyer was not represented in the transactions.

Both properties, according to Brockman Group, saw a significant amount of interest due to being absolute net ground leases as well as their location across the street from Amazon’s distribution center and St. Anthony’s medical campus.

Featured in CREJ’s April 1-14, 2020, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and industrial news in the Denver metro area plus all property types in Colorado Springs, Southern Colorado, mountain towns and the Western Slope. She also handles High Fives news for the paper and is editor of the Health Care & Senior…