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7282 Lagae RdCastle Pines, CO 80108
Service Street
Asset ClassRetail
Cap Rate6%
Retail SF: 4,488Deal Size: $4.08 MAccess Data Room
New 20-Year Absolute NNN Lease | Pad Site to King Soopers
overview of deal

Overview

Price: $4,075,000 | Cap Rate: 6.0%

Lease Term: 20 Years

Lease Type: Abs. NNN

Rent Increases: 10% every 5-Years

Options: 4 x 5-Year

Year Built: 2024

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Investment Highlights

New 20-Year Absolute Triple-Net Lease – Zero Landlord Responsibilities

  • Service Street’s lease commenced on June 12th, 2024, and runs through 2044 before the first option.
  • The lease features 10% fixed rent increases every five years.

Pad Site to King Soopers Grocery Anchored Center

  • New construction building located along the ingress & egress point for shopping center.
  • King Soopers, Colorado’s dominate grocer, anchors this 98.6% occupied shopping center.
  • 74% of this center’s visits come from the 80108-zip code proving the center to be a neighborhood staple for Castle Pines residents.

Castle Pines is one of Colorado's Wealthiest Suburbs - $243K AHHI

  • Residents within 3 miles of the property earn an average of household income of $243,352. The suburb ranks 3rd among Colorado’s most affluent neighborhoods.
  • By 2028, the surrounding population is expected to grow by 10%. Denver’s southern suburbs are consistently the top choice for young families on the move.

Corporate Guaranty from Experienced Auto Operator

  • Service Street is a subsidiary of Drive Automotive Services which operates multiple brands.
  • Drive Automotive anticipates reaching 100+ locations in the next three years. The brand currently operates 41 locations.
  • Service Street, located in CO, GA, TN, & TX, operates 25+ plus locations.

 

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7282 Lagae RdCastle Pines, CO 80108
King Soopers
Outlets at Castle Rock
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Listing provided by Revere CRE