Marcus & Millichap Arranges the Sale of a 4,488-Square Foot Net-Leased Property in Castle Pines

CASTLE PINES, CO, January 27, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Service Street, a 4,488-square foot net-leased property located in Castle Pines, CO, according to Adam A. Lewis, regional manager of the firm’s Denver office. The asset sold for $4,041,000.

Drew Isaac and James K. Rassenfoss, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The property located at 7282 Lagae Rd in Castle Pines, Colorado, has been successfully acquired by a private investor in a 1031 exchange transaction. The site is ideally situated near the Castle Rock Promenade & Outlets and is anchored by a King Soopers Center, offering strong retail presence and high visibility in the area.

The acquisition features a brand-new building with a secure 20-year absolute triple net (NNN) lease, making it an appealing investment opportunity for the buyer. This long-term lease, combined with the property's strategic location, aligns well with the investor's objectives of transitioning from apartment holdings to more passive management through NNN leases.

The seller, a developer based in Arizona, worked closely with the buyer, a Colorado-based private investor. The investor utilized the 1031 exchange to facilitate the transition from apartment assets to NNN properties. The original transaction was handled by the apartment team, which subsequently listed and assisted with the acquisition of the Lagae Rd property. Marcus & Millichap arranged the financing for the deal, with support from Josh Sciotto of MMCC.

The Castle Pines area continues to attract Denver-based investors due to its high-income demographics and desirable suburban location.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.