Brett MacDougall and Michael DeSantis of Unique Properties Announces the Following Sale:
Rare Class A Single-Tenant Industrial Investment Asset Sells in Frederick, CO
Park 4040 Development – Local Automotive Dealership Tenant – Green Eyed Motors
$6,700,000 – 6% Cap Rate
Unique Properties, Inc./TCN Worldwide, Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, is proud to announce the Sale of 4040 Salazar Way, Frederick, CO 80504 by Brett MacDougall and Michael DeSantis, Senior Broker Associates, with Unique Properties, Inc. / TCN Worldwide, who represented the Buyer in this transaction. Larry Thiel & Jason Schmidt of JLL Capital Markets Represented the Seller in this Transaction. The property sold for $6,700,000 or $264/SF. The income of the property supported a 6% Cap Rate at the closing price.
4040 Salazar Way was spec built in 2019 as a multi-tenant industrial/distribution property. Green Eyed Motors, a Boulder-local automotive dealership that specializes in the sale of electric vehicles, chose to relocate their operations from Boulder to Park 4040 in Frederick. Shortly after their occupancy of the front 50% of the building, they expanded their lease to the back 50% of the property and the entire yard/parking area as their business continued to grow. Green Eyed Motors is now operating at 100% capacity in this 25,300 SF Class A industrial facility under an 8.5-year triple-net lease. The buyer, a local investor in the automotive sales industry, was attracted to the opportunity to acquire an asset that has prominent interstate visibility, heavy industrial zoning, an outdoor display area and a beautifully built out showroom and service center. The strength of the tenant and long term lease presented an attractive investment in this market, where single tenant assets are becoming tougher to find & acquire.
The property benefits most from its frontage on I-25 and its proximity to several other established automotive dealerships in the area. The expansive glass lines showcasing merchandise in the building and it’s ample signage allow for this industrial property to operate as a retail property, as well. The buyer is excited at owning another highway fronting property that has flexibility in its future uses.
To schedule an interview with a Unique Properties Broker regarding this transaction, please contact: Katie Guardino at kguardino@uniqueprop.com or Brett MacDougall at bmacdougall@uniqueprop.com.
About Unique Properties, Inc. / TCN Worldwide
Unique Properties, Inc./TCN Worldwide is Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, providing solutions for a full range of property types including office, industrial, retail, land and multifamily. Unique Properties, Inc. provides clients with local know-how on a global scale through our association with TCN Worldwide, an affiliation of independent real estate firms in more than 200 markets with 62 offices in eight countries, throughout in North and South America, Europe, and Asia. The combination of Unique Properties’ global resources, creative solutions, experience, and strong leadership has resulted in production volume locally of over 300 commercial real estate transaction in 2016. We have been operating successfully for over 40 years and are acknowledged as an industry leader, providing services at the caliber of a global leader while maintaining the personal attention of a focused, privately owned firm committed to trust and excellence. For more information about the services provided by Unique Properties, Inc./TCN Worldwide, please visit uniqueprop.com.