Prominent buildings for sale near Aspen-Pitkin County Airport (KASE), Colorado

One of the most-visited properties in the Aspen Business Center — the three buildings that house the Conoco gas station and convenience store, a self-service car wash, Mountain Naturals health-food store and other businesses — was listed for sale earlier this week for $7.6 million.

And, along with the Baltic Avenue buildings, a buyer would own the gas station, convenience store and car-wash operations as well. A buyer wouldn’t own the health-food store or two other businesses located on the property, a transportation service and a vehicle repair shop, which lease their spaces. There’s also a residential unit above the convenience store.

Commercial real estate brokers Karen Setterfield and Galen Bright of Setterfield & Bright are marketing the property on behalf of owner Roaring Fork Land Co. LLC. The buildings were developed in the early 1970s, Setterfield said. Roaring Fork has owned them since 2004.

“Aspen Business Center property hardly ever comes up for sale,” Setterfield said. “This is a very visible corner, because it’s across the street from the Aspen-Pitkin County Airport entrance and its in the front, not the back, of the ABC.”

Not only that, Setterfield said, the property boasts the only self-service car wash in the upper Roaring Fork Valley.

The buildings, encompassing 10,800 square feet of floor space, sit on less than two acres. The land beneath them is not included in the sale price. So, whoever buys the buildings would need to arrange long-term land leases.

“Land leases are common in commercial real estate, and especially at the Aspen Business Center,” Setterield said.”John McBride developed the (ABC) and sold very little of the land.”

The convenience store, gas station and car wash are profitable enterprises, she said. The financial details of those operations were not available for release this week.

The tenants don’t have a lot of life left in their leases, Setterfield said. “A new owner would probably end up negotiating new leases” but might have other plans for the spaces, she said.

Source:   http://www.aspentimes.com