The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Maverik convenience store located at 317 East Main Street in Rangely, Colorado for $3,471,000.<\/p>\n
The 3,678 square-foot building is situated along East Main Street, Rangely\u2019s primary thoroughfare. The property benefits from its proximity to Colorado Northwestern Community College and Rangely District Hospital, two of the area\u2019s main traffic drivers. Additionally, the property is within walking distance of Rangely High School and close to major retailers such as Ace Hardware, True Value, Dollar General, and NAPA Auto Parts. The average household income within ten miles of the property exceeds $85,000.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented both sides in the transaction. The seller is a Midwest based investor, and the buyer is a Midwest based cash purchaser.<\/p>\n
Maverik, founded in 1928 and headquartered in Salt Lake City, Utah, the company has grown to over 800 locations across 20 states, offering a wide range of products including fresh food, beverages, and fuel services. In 2023, Maverik significantly expanded its footprint by acquiring Kum & Go and Solar Transport for a reported $2.25 billion, doubling its store count and boosting its annual revenue with Kum & Go\u2019s contribution of $3 billion.<\/p>\n
\u201cLow price point convenience stores with credit tenants remain in high demand amongst private capital investors\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney of The Boulder Group, added, \u201cConvenience stores have become a go to net lease asset for investors seeking year-end bonus depreciation.\u201d<\/p>\n