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Safeway | Grocery & Gas 27152 Main St 65,000 SF 100% Leased 4-Star Retail Building Conifer, CO 80433 $23,648,640 CAD ($363.83 CAD/SF) 6.24% Cap Rate
INVESTMENT HIGHLIGHTS
- Portfolio consisting of a 65,000-square-foot Safeway grocery store (fee simple ownership) and a 1.19-acre gas station fuel pad (ground lease).
- Over six years WALT with nine (five-year) options to extend and built-in escalations, backed by Safeway’s parent, Albertsons Companies (NYSE: ACI).
- Conifer is a popular recreation destination 40 min from Denver; this high-visibility center maximizes exposure to travelers on Hwy 285 (22,000 VPD).
- Low-responsibility NNN leases and future CapEx mitigated by a 2023 renovation of the Safeway, which integrated it with the adjoining liquor store.
- Strong direct consumer base within a 5-mile radius, boasting an average annual household income of $182,576, with few competing grocers nearby.
- Conveniently accessible for locals on the town’s main road with Conifer Senior High School and multiple national brands nearby, increasing co-traffic.
EXECUTIVE SUMMARY
SRS National Net Lease Group is pleased to offer the opportunity to acquire two corporate-signed (NYSE: ACI) Safeway investment properties located in Conifer, Colorado, an affluent mountain community located 40 minutes from Denver.
The offering consists of a 65,000-square-foot Safeway grocery store (fee simple ownership) and a 1.19-acre gas station fuel pad (ground lease) in Conifer Town Center. The tenant recently exercised their first renewal options in both leases and now has over six years remaining on the current lease terms, with nine (9) remaining five-year options to extend. Both leases are structured as NNN with corporate signatures, offering a stable, low-management investment opportunity ideal for passive investors.
Founded in 1915, Safeway is a leading American supermarket chain, and currently operates as a banner of Albertsons Companies (NYSE: ACI). In 2023, the grocery store underwent renovations and integrated the adjoining liquor store, now rebranded under the Safeway name, enhancing the overall customer experience. The Safeway at Conifer Town Center ranks in the top 15% of Safeway locations in the state by foot traffic, per Placer.ai. With the next closest Safeway located more than 8 miles away, and significant barriers to entry for new development in the trade area.
As of Q4 2025, no retail space above 7,500 square feet was publicly available for lease within a 10-mile radius (CoStar Group), underscoring the area’s limited competition. Conifer Town Center is particularly positioned to capitalize on the market’s traveler and full-time local traffic due to its location along Highway 285. The road is not only the town’s primary thoroughfare, but also a key link for drivers coming into Denver, as Conifer is one of the closest mountain towns to the city. This provides significant exposure to passersby and has drawn other national tenants to the vicinity, including Starbucks, Anytime Fitness, Sonic, Staples, and more, to elevate co-traffic. Conifer alone forms a robust trade area with approximately 14,325 residents and 3,308 employees within a 5-mile radius, and an average annual household income north of $180,000.
The offering consists of a 65,000-square-foot Safeway grocery store (fee simple ownership) and a 1.19-acre gas station fuel pad (ground lease) in Conifer Town Center. The tenant recently exercised their first renewal options in both leases and now has over six years remaining on the current lease terms, with nine (9) remaining five-year options to extend. Both leases are structured as NNN with corporate signatures, offering a stable, low-management investment opportunity ideal for passive investors.
Founded in 1915, Safeway is a leading American supermarket chain, and currently operates as a banner of Albertsons Companies (NYSE: ACI). In 2023, the grocery store underwent renovations and integrated the adjoining liquor store, now rebranded under the Safeway name, enhancing the overall customer experience. The Safeway at Conifer Town Center ranks in the top 15% of Safeway locations in the state by foot traffic, per Placer.ai. With the next closest Safeway located more than 8 miles away, and significant barriers to entry for new development in the trade area.
As of Q4 2025, no retail space above 7,500 square feet was publicly available for lease within a 10-mile radius (CoStar Group), underscoring the area’s limited competition. Conifer Town Center is particularly positioned to capitalize on the market’s traveler and full-time local traffic due to its location along Highway 285. The road is not only the town’s primary thoroughfare, but also a key link for drivers coming into Denver, as Conifer is one of the closest mountain towns to the city. This provides significant exposure to passersby and has drawn other national tenants to the vicinity, including Starbucks, Anytime Fitness, Sonic, Staples, and more, to elevate co-traffic. Conifer alone forms a robust trade area with approximately 14,325 residents and 3,308 employees within a 5-mile radius, and an average annual household income north of $180,000.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
65,000 SF
Building Class
A
LoopNet Rating
4 Star
Year Built/Renovated
2006/2023
Price
$23,648,640 CAD
Price Per SF
$363.83 CAD
Cap Rate
6.24%
NOI
$1,476,703 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
3 Exterior
Building FAR
0.11
Lot Size
13.58 AC
Zoning
P-D - Planned Development
Parking
440 Spaces (6.77 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Dedicated Turn Lane
- Freeway Visibility
- Signage
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
15 min drive
2024 Population
610
5,349
13,624
20,523
2029 Population
599
5,271
13,465
20,279
2024-2029 Projected Population Growth
-1.8%
-1.5%
-1.2%
-1.2%
Median Age
48.5
49.3
49.4
49.7
College Degree + Higher
47%
50%
54%
36%
Daytime Employees
1,298
2,845
3,879
6,303
Total Businesses
184
410
626
1,010
Average Household Income
$148,641
$149,949
$149,245
$149,620
Median Household Income
$131,250
$125,111
$124,345
$124,742
Total Consumer Spending
$12.1M
$104.6M
$268M
$398.8M
2024 Households
244
2,136
5,493
8,310
Average Home Value
$729,231
$726,219
$728,679
$737,550
$ values in USD
NEARBY AMENITIES
RESTAURANTS |
|||
|---|---|---|---|
| Starbucks | Cafe | $ | In Building |
RETAIL |
||
|---|---|---|
| Great Clips | Salon/Barber/Spa | In Building |
| U.S. Bank | Bank | In Building |
PROPERTY TAXES
| Parcel Number | 61-144-01-027 | Improvements Assessment | $2,380,166 CAD |
| Land Assessment | $0 CAD | Total Assessment | $2,380,166 CAD |
PROPERTY TAXES
Parcel Number
61-144-01-027
Land Assessment
$0 CAD
Improvements Assessment
$2,380,166 CAD
Total Assessment
$2,380,166 CAD
SALE ADVISORS
SALE ADVISORS
Patrick Luther, Managing Principal and Co-Founder
Patrick joined SRS in 2016 with more than 10 years of transactional brokerage experience in the commercial real estate industry and over $3 billion in closed transactions, representing over 2,000 individual properties. Along with Matthew Mousavi, Patrick co-founded and leads the National Net Lease Group at SRS, the exclusive net lease capital markets platform within SRS, comprised of more than 50 professionals handling all net lease transactions for the firm nationally. He focuses on single-tenant, NNN-leased investments, including national portfolios, merchant developer representation, sale-leasebacks, lease restructuring, vacant and dark store redevelopment or liquidation, and zero cash flow transactions.
Patrick graduated from Arizona State University with a bachelor’s degree in finance. Patrick was recognized alongside business partner, Matthew Mousavi, in 2019 as a top three net lease team in the U.S. and the seventh-ranked team in the overall U.S. commercial real estate industry. He is an active member of the International Council of Shopping Centers (ICSC) and CCIM communities and can be found rock climbing or traveling internationally in his free time.
Patrick graduated from Arizona State University with a bachelor’s degree in finance. Patrick was recognized alongside business partner, Matthew Mousavi, in 2019 as a top three net lease team in the U.S. and the seventh-ranked team in the overall U.S. commercial real estate industry. He is an active member of the International Council of Shopping Centers (ICSC) and CCIM communities and can be found rock climbing or traveling internationally in his free time.
Ryan Tomkins, Vice President
Ryan has been an integral part of SRS since 2018 when he joined as vice president for the Capital Markets team. Ryan started his real estate career in San Diego in 2002 and focuses on the disposition of single-tenant portfolios, merchant build-to-suits, and grocery-anchored/neighborhood shopping centers across the country. Throughout his career, he has managed numerous complex real estate transactions and is committed to maximizing value for his clients, which range from individual investors to large publicly traded REITs. Ryan is highly skilled in deal analysis, negotiation, and execution, which has resulted in him being awarded Top Producer in 2017, Top Achiever in 2021 and Top Producer in 2022.
Ryan is licensed to practice real estate in Colorado, Nevada, and California, and is an active member of the International Council of Shopping Centers (ICSC). He is involved in community service, serving as a team leader with Life Rolls On, an organization that empowers people with spinal cord disabilities to experience the thrill of being in the ocean. He also sits on the board of governors for Phi Kappa Tau at the University of Colorado.
Ryan is licensed to practice real estate in Colorado, Nevada, and California, and is an active member of the International Council of Shopping Centers (ICSC). He is involved in community service, serving as a team leader with Life Rolls On, an organization that empowers people with spinal cord disabilities to experience the thrill of being in the ocean. He also sits on the board of governors for Phi Kappa Tau at the University of Colorado.
Matthew Mousavi, Sr. Managing Principal, Co-Head of National Net
Matthew is the Senior Managing Principal & Co-Head of National Net Lease and West Investment Properties, part of SRS' Capital Markets. Our National Net Lease services are recognized as one of the top three net lease investment teams in the nation. SRS Real Estate Partners is the largest retail estate firm in North America exclusively dedicated to retail services. The firm has a track record spanning over 30 years with billions in transaction volume and represents over 400 retailers throughout the country. Matthew currently is a member of the Board of Directors for SRS Real Estate Partners.
Matthew is widely recognized as one of the most active and reputable investment brokers in the country, receiving numerous industry accolades with a track record in excess of $12 billion in transaction volume, including on behalf of the largest property owners domestically and abroad, comprised of both publicly traded entities and private investors. Matthew currently manages a team of over 75 professionals focusing exclusively on the sale of single-tenant and multi-tenant retail properties and manages the sale of more than $2 billion in available property in over 40 states.
He advises clients in the acquisition and disposition of retail investment properties nationwide and is especially adept at aggressively and diligently marketing properties in order to meet the owners’ objectives of price and timing. Matthew’s experience includes hundreds of single-tenant transactions, structured portfolio sales, multi-unit national sale-leaseback portfolio sales, stable core multi-tenant centers, neighborhood, community and power centers, developer sales and pre-sales, and distressed asset sales throughout the U.S.
Matthew is widely recognized as one of the most active and reputable investment brokers in the country, receiving numerous industry accolades with a track record in excess of $12 billion in transaction volume, including on behalf of the largest property owners domestically and abroad, comprised of both publicly traded entities and private investors. Matthew currently manages a team of over 75 professionals focusing exclusively on the sale of single-tenant and multi-tenant retail properties and manages the sale of more than $2 billion in available property in over 40 states.
He advises clients in the acquisition and disposition of retail investment properties nationwide and is especially adept at aggressively and diligently marketing properties in order to meet the owners’ objectives of price and timing. Matthew’s experience includes hundreds of single-tenant transactions, structured portfolio sales, multi-unit national sale-leaseback portfolio sales, stable core multi-tenant centers, neighborhood, community and power centers, developer sales and pre-sales, and distressed asset sales throughout the U.S.
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Safeway | Grocery & Gas | 27152 Main St
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