Colorado Real Estate Journal - April 1, 2015
A 7-Eleven property in Greeley garnered interest from investors across the nation, collecting a half-dozen offers right out of the gate. The 2,700-square-foot building at 2803 W. 10th St. sold to KAK Properties LLC for $1.11 million, or $411.11 per sf. “When we put it on the market, we immediately received interest from investors across the nation,” said Steve Kawulok, managing director of Sperry Van Ness/The Group Commercial LLC. “We received half a dozen offers immediately upon market exposure.” Kawulok said investors were drawn to the property by the investment-grade tenancy and triple-net lease. Also key was that the price point, in the $1 million range, was within reach of private investors, he said. “There is a lot of interest in these types of single-tenant net-lease offerings, but very little inventory in the same pricing range,” said Kawulok, who noted most offerings are closer to $2 million or more. Offers came from investors from North Carolina to California, but seller Khang Phat Inc. selected a Colorado investor, who was seeking cash flow. Seven-Eleven has six years remaining on its lease, plus renewal options. The building was constructed in 1987 and operated independently until 2011, when 7-Eleven signed a 10-year lease and improved the property. Kawulok and Steve Griffith of Griffith Realty Advisors were the listing brokers. Drake Johnson of Drake Johnson Realty represented the buyer.