DENVER, CO – – Blue West Capital has completed the sale of a new construction single tenant net leased Murphy Express ground lease located at 5640 N Central Park Boulevard, Denver, CO for $2,800,000. Robert Edwards and Zach Wright, of Blue West Capital, represented the seller in the transaction. The property generated numerous offers and ultimately sold for above the asking price.
The Murphy Express is located in Denver’s highly coveted Central Park neighborhood (formerly Stapleton). The property is strategically positioned at the heavily trafficked signalized intersection of Central Park Boulevard and East 56th Avenue. The property benefits from its location across the street of Dick’s Sporting Goods Park, as well as DSST High School and Northfield High School. The surrounding area is extremely affluent with average annual household incomes in excess of $165,000 within one mile.
The twenty-year Murphy Express corporate ground lease features 10% rental increases every five years and zero landlord responsibilities. Murphy Express is operated by Murphy USA, which is a publicly traded company (NYSE: MUSA) with a $4 billion market capitalization. Murphy USA has over 1,500 locations and is the 262nd ranked company in the Fortune 500.
The purchaser was Hershenson Investments, LLC; a California-based high-net-worth investor in a 1031 exchange. The seller was a local developer.
“1031 exchange investors continue to actively pursue well-located properties with long-term ground leases such as the Murphy Express. This property garnered a ton of investor interest as it is a rare low price point for a convenience store in Denver, well-positioned at a heavily trafficked signalized intersection, and features a long-term corporate ground lease,” said Zach Wright, Director of Net Lease Investment Sales.
“Within hours of marketing the property, we received numerous offers and were able to negotiate a deal with a repeat buyer above the asking price. The level of activity and interest on this listing speaks volumes to the demand for this type of deal,” added Robert Edwards, Managing Partner.
About Blue West Capital
Headquartered in Denver, Blue West Capital focuses exclusively on the acquisition and disposition of retail shopping centers and commercial investment properties in the Rocky Mountain Region, and single-tenant net-leased properties nationwide. We do this by leveraging our 45+ years of combined commercial real estate experience with our proprietary marketing process to deliver the highest value and results to our broad client base of developers, private capital investors, high-net-worth individuals, and investment funds. For additional information, please visit www.BlueWestCapital.com.
