Colorado Real Estate Journal - November 4, 2015
A Wendy’s restaurant building on West South Boulder Road in Lafayette got a lot of attention from California investors before selling to one of them for $817.14 per square foot. “Cap rates have compressed so low in California that we’re seeing a lot of investors moving out into other states, chasing yield,” said Eric Roy of CBRE’s downtown Los Angeles office. While the cap rate wasn’t disclosed, Roy said it was aggressive, but could have been 100 basis points lower if the property were in California and not Colorado. The Harry Vamos 2012 Irrevocable Gift Trust paid $2.78 million cash for the 3,396-sf restaurant at 455 W. South Boulder Road. Beverly Hills, California-based StarPoint Capital sold the property. Wendy’s has 20 years remaining on its lease. The location, cap rate, term of the lease and the fact that it is an absolute net lease resulted in multiple offers for the property, said Roy. “There’s really no reason to have to visit the store because the tenant takes care of everything. For that reason it was particularly attractive to California owners,” he said, adding the property sold very close to its listed price of $2.8 million. Roy represented the seller with CBRE Los Angeles brokers Alex Kozakov and Patrick Wade, who also are selling a Wendy’s in Westminster.