A Centennial investment firm recently dropped $2.6 million for an automotive spot along South Colorado Boulevard.
Armstrong Capital Development "aggressively pursued" the property because its location fronting Colorado Boulevard, where more than 75,000 vehicles travel each day. The sale of the property closed Jan. 17, according to CBRE.
CBRE represented the seller in the transaction, Evergreen-based Sampson Properties LLC.
The property was built in 1963 and totals 12,401 square feet across two buildings, both of which are leased to Gerber Collision & Glass. The Chicago-based company provides auto collision and auto glass repair at more than 300 locations across 15 states. Its parent company, The Boyd Group, is the largest operator of collision repair centers in North America, according to CBRE.
Gerber is expected to continue operating at the location.
“In combination with the financial strength of The Boyd Group and the strong performance of the Gerber brand in the Denver area, this property will be an attractive addition to the ACD portfolio," said Jarrett Armstrong, partner and co-founder of Armstrong Capital Development, in a statement.
Business & data reporter Adrian D. Garcia can be reached via email at [email protected] or twitter.com/adriandgarcia.
