Newport Beach, CA (November 26, 2018) – SRS Real Estate Partners’ National Net Lease Group has completed the approximately $5.733 million sale of a single-tenant restaurant property fully occupied by Red Robin in Colorado Springs, CO. Built in 1987 and located at 1410 Jamboree Drive, the property totals 7,221 square feet and is situated on just over an acre of land.
SRS’ National Net Lease Group First Vice President Brad Gibbs and Managing Principals Matthew Mousavi and Patrick Luther represented the seller a Midwest-based institutional investor. The buyer was a private, Minneapolis-based 1031 exchange investor. The property traded at a 6.25 percent cap rate and sold for approximately $794 per square foot, one of the highest price per foot comparables for the Red Robin brand nationally.
“This asset has a corporate-guaranteed lease by Red Robin Gourmet Burgers, Inc. with approximately nine years remaining and options to extend after that,” said Luther. “Red Robin has been at the location since 1987 and recently extended its lease, demonstrating long-term interest in the submarket.”
“SRS received multiple offers and ultimately selected the buyer because of its successful acquisition track record, substantial equity commitment and swift purchase timeline,” said Gibbs.
The property is located at a signalized, hard-corner intersection at Jamboree Drive and Academy Boulevard N, which sees more than 57,000 vehicles per day. Additionally, it is one-half mile from Interstate 25 which sees more than 108,000 vehicles per day. The restaurant is also adjacent to the 1.1 million-square-foot Chapel Hills Mall which is anchored by Macy’s, Dillard’s, Burlington and Dick’s Sporting Goods. There are also other nearby tenants including Whole Foods Market, Best Buy, Ross Dress for Less, PetSmart, and Nordstrom Rack among others that create additional cross-over customer traffic.
SRS’ National Net Lease Group successfully completed more than 270 sales in 2017; to date in 2018, the group has more than 350 transactions sold or under contract across more than 35 states nationwide, with over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2017, the group completed more than 270 sales across more than 30 states. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.