GRAND JUNCTION, CO – [July 14, 2020]
Blue West Capital has completed the sale of a single tenant net leased Office Depot property located at 2455 US 6 in Grand Junction, CO for $2,920,000.
Office Depot has operated at the property since 2010 and recently exercised an early renewal option. The corporate net lease features minimal landlord responsibilities and rental increases. Office Depot is a publicly traded company (NASDAQ: ODP) with a market capitalization in excess of $1 billion. The company operates approximately 1,300 retail stores.
The 20,966 square foot Office Depot is located at a dominant signalized intersection along Highway 6 and 50 across the street from the Mesa Mall. The property is well-positioned within a regional retail destination that also includes Walmart Supercenter, Target, Home Depot, Lowe’s, Sam’s Club, Sprouts, Natural Grocers and numerous other national retailers. There are approximately 80,000 people that live within a five-mile radius of the Office Depot.
“Net leased investment properties with irreplaceable locations, such as the Office Depot, are highly sought after amongst private investors,” said Robert Edwards, Managing Partner. “The market for single tenant net leased properties in Colorado remains robust. These properties are in high demand amongst investors located in Colorado and throughout the Western States. We continue to experience a supply-demand imbalance resulting in favorable pricing for sellers,” added Zach Wright, Director of Net Lease Investments.
Robert Edwards and Zach Wright, of Blue West Capital, assisted both the purchaser and seller in the transaction. The seller was a Southwest-based investor. The purchaser was Center West, LLC, a Colorado-based private family office. Both the seller and purchaser are repeat clients of Blue West Capital.