ARMSTRONG CAPITAL DEVELOPMENT ANNOUNCES SALE OF RETAIL-ORIENTED INDUSTRIAL PROPERTY ON COLORADO BOULEVARD
Denver, Colorado - Armstrong Capital Development (ACD) is pleased to announce the recent sale of a 12,450 square foot Gerber Collision & Glass automotive repair center located at 2228 South Colorado Boulevard in Denver. The sale concludes a five-year investment designed to capitalize on the property’s high-profile location, strong credit tenancy and ongoing buyer appetite for stabilized, Class A commercial investment opportunities. ACD completed the transaction on behalf of its ACD 2013 Fund, LP.
Acquired by ACD in January 2017, the property consists of an office building and two collision repair shops with outstanding visibility directly fronting Denver’s South Colorado Boulevard, where it enjoys exposure to more than 40,000 vehicles per day in a vibrant commercial trade area popular with both retail and retail-oriented, light industrial operators. “This was an opportunistic time to sell this asset as the niche industrial market remains so strong,” said Josh Katzer, Partner at ACD. “We fielded multiple offers from private capital buyers attracted to the property’s fantastic location and strong tenant reputation.”
Gerber Collision & Glass, a subsidiary of the Boyd Group, is one of the largest operators of non-franchised collision repair centers in North America, with over 600 locations across the United States. ACD secured a lease renewal with Gerber in 2019.
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages commercial real estate investments in the Intermountain West. ACD is actively pursuing opportunities within the Utah, Colorado and Arizona markets.
More at www.ACD-CO.com.