Colorado Real Estate Journal - September 16, 2015
A real estate investment trust that invests in net-leased properties paid $8.3 million for a used car dealership on West Alameda Avenue near Interstate 25 in Denver. Best Car Buys sold the property at 1298 and 1300 W. Alameda, and 1373 W. Nevada Place to Spirit Realty Capital in a sale-leaseback deal. Best Car Buys signed a 15-year lease with the new owner, according to CBRE’s Jeremy Ballenger, who represented the seller with CBRE’s Tyler Carner and Matt Henrichs. There are three buildings comprising 34,395 square feet on the property. They include a 20,144-sf main building built in 1980, a 13,048-sf parts and service building built in 1977 and a 1,203-sf storage building that dates to 1933. The site encompasses 3.27 acres. Best Car Buys has occupied the property for many years and invested $1.4 million in upgrades, including renovation of the two large buildings, in 2012. Spirit Realty Capital, based in Scottsdale, Arizona, invests in single-tenant, net-leased properties, often through sales-leasebacks. It owns approximately 2,600 assets leased to more than 450 tenants in 49 states, according to its website.