Denver, Colo. (September 11, 2020) – SRS Real Estate Partners’ National Net Lease Group has announced the sale of a single-tenant retail property occupied by Subway located at 7327 E. Colfax Avenue in Denver, CO. At the time of sale, Subway had 11 years remaining on its franchise-backed lease. The closing cap rate was 4.9 percent.
SRS National Net Lease Group’s First Vice President Brian Wolfman, and Vice Presidents Patrick McGlinchey and Justin Gregory, represented the seller, a private investor from South Dakota. The buyer was sourced by SRS and was a Southern California-based private investor in a 1031 exchange.
“The sale of this Subway property marks one of the lowest cap rate transactions for a franchisee restaurant sale in the Denver market,” said Wolfman. “The highly visible and well located property also has long-term residual value with a five-story property zoning allowance should the new ownership want to pursue redevelopment once the lease expires.”
Remodeled in 2010, the 1,600-square-foot property is situated at a signalized intersection which averages 45,200 vehicles passing per day. E. Colfax Ave. is highly transitional with strong local, regional and national retail concepts. The site is close to multiple shopping centers including Mayfair Plaza, 29th Avenue Town Center and Quebec Square. It is also walking distance to a number of other stores and restaurants and Johnson & Wales University-Denver Campus.
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 192 transactions valued at $812 million. Additionally, the group has nearly $450 million of assets under LOI or in escrow and $2 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.
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 25 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 (NNLG) 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 2019, the group completed more than 400 sales across more than 35 states and has over 50 NNLG professionals nationally. 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.