A building housing the Office Depot in Grand Junction has sold for $2.92 million.
Blue West Capital, a Denver-based company that focuses on the purchase and sales of commercial investment properties and retail shopping centers, assisted both the purchaser and seller.
Center West, a Colorado-based private family office, purchased the building. A Southwest-based investor sold the property.
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.
“Net leased investment properties with irreplaceable locations, such as the Office Depot, are highly sought after amongst private investors,” said Robert Edwards, managing partner of Blue West Capital.
Zach Wright, director of net lease investments at the firm, agreed. “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.”
The nearly 21,000-square foot Office Depot is located near an intersection along U.S. Highway 6 and 50 across from the Mesa Mall. The property is well-positioned within a regional retail destination that also includes a Home Depot, Lowe’s, Natural Grocers, Sam’s Club, Sprouts, Target and Walmart supercenter. About 80,000 people live within a 5-mile radius of the Office Depot.