Sand Investment Group has made an announcement for a sale of a 100% occupied, Triple Net 7-Eleven and a Shell Gas station along with a Dunkin Donuts located in Silverthorne, Colorado. This $7,250,000 million transaction made an impact with a much higher price per square foot at $1500 per square feet. A sale of its kind in this asset class in this area reflects the high quality brand names and the uniqueness of the location as one of the desirable factors.
Dan Hoogesteger and Andrew Chana of Sands Investment Group represented the seller, a private investor. Silverthorne Investors LLC, represented itself in the 1031 exchange transaction. The retail asset is situated at the gateway to six world-class ski resort destinations including Breckenridge, Vail and Copper Mountain situated on 1.23 acres at Blue River Road.
The property houses major tenants 7-Eleven, Shell Gas and also a Dunkin Donuts Franchise. This year Dunkin Donuts signed a Brand New NNN Lease which made it the first location for the franchise in the entire Summit County, CO.
The high end location which usually faces huge traffic on most of the days made this deal a very lucrative investment. The presence of the existing brands with a strong operating history has made the place upscale. Dan Hoogestege says that it was a very complex transaction as they could not literally conduct comps that could match the high profile location.
The I-70 Interstate location sees approximately 41,000 cars per day and the Blue River Highway 9 Intersection gets approximately 31,000 cars per day. It was extremely difficult to demonstrate the unique strength of the location with the quality of the asset to justify the final price. Finally the buyer understood the strength of the deal and how it would affect the future business and thus the deal was done.
Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of net lease properties for private investors and institutions across the United States. It has closed over 650 transactions with more than $2.2 Billion in 45 States since its inception in 2010.