A private investor paid $1.88 mil for a 2.9k sf ($648/sf) 7-Eleven in Denver, CO. The purchase price works out to a 4.60% capitalization rate for the single-tenant, NNN-leased property, one of the lowest for a single-tenant 7-Eleven on record in the state of Colorado.
The 7-Eleven, which was built in 2012, is situated on a 0.34-acre parcel at 450 Federal Blvd in Denver. The property is located 1.5 miles south of Sports Authority Field at Mile High and within 3 miles of Downtown Denver.
Jonathan Selznick, senior vice president, and Jeff Hauber, associate, at Hanley Investment Group represented the seller, a private investor from Frisco, TX. The buyer was repped by Drew Issac of Marcus and Millichap in Denver.
“The 4.60% cap rate achieved in the disposition of this asset speaks to the continued demand for high quality absolute NNN single-tenant assets with strong credit tenancy, particularly in the sub-$2 million price point in major markets across the U.S.,” said Selznick.