In Frisco, last piece of undeveloped land near Interstate 70 sells for $2.3 million
November 7, 2013
The last undeveloped piece of highway frontage in Frisco has been sold for $2.3 million to a retail developer.
The prime commercial site, known as the "Christmas Tree Lot," is a 2.2-acre property located within the Summit Boulevard Overlay District and the Lakepoint PUD. It is on Highway 9 across from Safeway, Walmart and the exit bridge to I-70.
The land has been vacant since it was reclaimed as wetlands in 1998. Rocky Mountain Commercial Brokers, an independent network of independent commercial real estate brokers, announced the sale Friday, Oct. 11.
Darren Nakos, owner of Landmark Real Estate Group, handled the transaction along with Justin Brockman of Miller Frishman Group, and has represented the seller since 2010, working to find the right buyer.
He also obtained a long-term lease with Starbucks, which was sold with the property, as well as a new access point off Highway 9 through negotiations with the Colorado Department of Transportation.
"From all indications, there's no reason to believe they won't move forward with Starbucks," Nakos said.
Denver retail developer NAVA Real Estate Development purchased the land from Frisco Properties. Frisco Properties bought the land in 2006 to hold as an investment, Nakos said.
"This is the first property you see coming off I-70 and heading over the bridge," he said. "The town had a vested interest to see it built out."
The retail project will go through planning stages over the winter, and hopefully break ground in the spring, Nakos said.
"We sorely needed new retail development there," he said. "It's a first impression."
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