Brett MacDougall and Michael DeSantis of Unique Properties Announces the Following Sale:
Iconic Lazydays RV Dealership Sells (again!) for $19,800,000
Single-Tenant Triple-Net Leased Asset – 130k SF Sales & Service Center
2nd Sale of this Asset in 16 Months!
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 4777 Marketplace Drive in Johnstown (Loveland), CO for $19,800,000 or $149/SF. The income of the property supported a 5.5% Cap Rate at the closing price.
Brett MacDougall and Michael DeSantis, Senior Broker Associates, with Unique Properties, Inc. / TCN Worldwide, represented the Seller in this transaction. Mike Camp of CBRE Represented the Buyer in this Transaction.
Built in 2001, 4777 Marketplace Drive is an institutional-grade industrial/retail asset offering a state-of-the-art collision & body shop, 38 drive-in doors, 2 paint booths, a full-service sales center, and is the Nation’s largest indoor RV showroom. Positioned on 27 acres off the historic “Johnsons Corner” exit of Interstate 25, the property offers a highly recognizable and well-located asset. The 132,500 SF dealership is fully occupied by Lazydays RV on a NNN lease. The property is unique as it is the only one of its kind in the United States!
The buyer, a local 1031 exchange investor, was highly motivated to close on this asset due to the nature of the tenants’ business and its recent boom during the Covid-19 pandemic. Further, the tenant has recently exhibited dedication to the site by extended their lease an additional 5-year term in 2020. Lazydays RV has also continually improved the property; a complete HVAC overhaul, multiple building additions and renovations, and adding more sales offices for the increased demand in their product. Brett MacDougall adds that “We had significant interest on a national level for this opportunity but again chose a local buyer due to their expertise in this space and motivation to close. The Buyer was extremely familiar with the tenant’s business and had capital ready to deploy for this acquisition via their 1031 exchange.”
This is the 2nd sale of this asset within 16 months only; having been sold to the Seller in August of 2020 for $11,300,000. Selling this sizable asset, a 2nd time, within such a short period of time further indicates a robust single tenant industrial market in Colorado, and also speaks to the strength of the RV sales industry, “The RV sales market has been in a robust place for the last few years, and now with COVID-19 triggering a change in the way people travel, the RV market is the stronger than it’s ever been. The industry continues to see rapid spikes in sales, and manufacturers are struggling to keep up with demand. Despite all the economic uncertainty, the rising demand and sales for RVs helped us take this transaction to the finish line.
Brett MacDougall previously sold two other RV dealerships leased to Lazydays in Longmont & Aurora, with the new sale of Lazydays Johnstown this brings the Lazydays portfolio sale to a total of $28,000,000 in sales. All three locations had previously operated as RV America, a Colorado local RV dealership, until being sold to Lazydays in 2015. In early 2019, Lazydays brought their company public (Stock: LAZY) to establish themselves as an industry leader. This Johnstown site is recognized as their Western Flagship store, and holds the title of “Largest Indoor RV Showroom in the World”. This Unique property is as rare as it is specialized in its nature.
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.