Denver, CO – CBRE Group, Inc. announced today the $2.55 million sale of two buildings leased to Gerber Automotive at 2222 and 2228 South Colorado Boulevard in Denver, Colorado. Matthew Henrichs and Brad Lyons of CBRE’s Retail Investment Services in Denver represented the seller, Sampson Properties LLC of Evergreen, Colorado. The buyer, Armstrong Capital Development of Centennial, Colorado, purchased the property in a sale that closed Jan. 17, 2017.
“As one of the tightest retail submarkets in all of Denver, South Colorado Boulevard has seen a hotbed of recent investor activity,” said Mr. Henrichs, senior vice president, CBRE Capital Markets, Denver Retail Investment Properties. “This property’s irreplaceable infill location combined with a national credit automotive tenant and flexible zoning made it an attractive investment opportunity with long-term upside potential.”
The property was built in 1963 and totals 12,401 square feet across two buildings, both of which are leased to Gerber Collision & Glass. Founded in Chicago in 1937, the company provides auto collision and auto glass repair at more than 300 locations across 15 states. Its parent company, The Boyd Group, is the largest operator of collision repair centers in North America.
“We aggressively pursued this acquisition because of its solid fundamentals and outstanding location fronting Colorado Boulevard,” said Jarrett Armstrong, partner and co-founder of Armstrong Capital Development. “In combination with the financial strength of the Boyd Group and the strong performance of the Gerber brand in the Denver area, this property will be an attractive addition to the ACD portfolio.”
The site is not only located along one of Denver’s busiest retail corridors with traffic counts in excess of 75,000 vehicles per day but is also minutes from Cherry Creek and a short drive from both Downtown Denver and the Denver Tech Center.
Image courtesy of CBRE
Article from Mile High CRE: http://milehighcre.com/cbre-completes-2-5m-sale-of-gerber-automotive-property-on-south-colorado-boulevard/