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DILLON, CO-A family completing a 1031 tax deferred exchange paid approximately $1.9 million, or $371 per sf., for a 5,000-sf, freestanding building leased to Blockbuster Video in this mountain town. The building that sits on 0.8 of an acre, would likely have set a per sf record at this price in Denver.
Because of the expense of construction, mountain properties typically carry a premium. The property, listed by Gene Pride, director of Cushman & Wakefield's capital markets group, received multiple offers.
"This transaction illustrates the ongoing demand for well-located, quality-constructed, net-leased investments," Pride says. "Buyers with a need to place equity in real estate, primarily through the exchange process, continue to be attracted to this type of low-management assets."
Drake Real Estate Service of Denver built the building. The Blockbuster Video is an out-parcel to the Miller-Weingarten owned Dillon Ridge Marketplace that is anchored by City Market and Bed, Bath & Beyond. The highly visible center is minutes off Interstate 70 and is a popular stop for Front Range visitors heading or returning from the mountains.
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