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2830 North Avenue - Eastgate Shopping Center - Eastgate Shopping Center, Grand Junction, CO

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DetailMap
2830 North Avenue - Eastgate Shopping Center - Eastgate Shopping Center

Grand Junction, CO 81501-5369


Property Type:Retail Sub Type:- Status:Existing , Renov 2003 Year Built:1974
Building Size:140,000 SF Land Area:13 AC (566,280 SF)
Smallest Space:1,500 SF Largest Space:17,672 SF Total Space Avail:22,172 SF Rent/SF/Yr:
$5.00 - $10.00
Parking:705 Surface spaces are available; Ratio of 5/1,000 SF


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 1st
17,672 SF
$5.00/SF/Yr
Vacant
3-5 yrs
Retail
 1st
1,500 SF
$10.00/SF/Yr
Vacant
3-5 yrs
Retail
 1st
1,500 SF
$10.00/SF/Yr
Vacant
3-5 yrs
Retail
 1st
1,500 SF
$10.00/SF/Yr
Vacant
3-5 yrs
Retail
 
8831573
6228437
7752649
7752643
Marketing Flyer Marketing Flyer  
Space Notes Space Notes  


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
1st
17,672 SF
$5.00/SF/Yr
Vacant
3-5 yrs
Retail
1st
1,500 SF
$10.00/SF/Yr
Vacant
3-5 yrs
Retail
1st
1,500 SF
$10.00/SF/Yr
Vacant
3-5 yrs
Retail
1st
1,500 SF
$10.00/SF/Yr
Vacant
3-5 yrs
Retail

Sale Notes:
Starting Bid: $1,500,000
Participation Deposit: $10,000

Auction Starts 10/18/16
Auction Ends 10/20/16

StarTek USA (37.8% NRA; 47.9% of gross rents) and Sears Outlet Stores (29.1% NRA; 23.92% of gross rents) are the largest tenants at the Property, together they occupy 66.93% NRA and account for 71.81% of gross rents.
• The Property benefits from its position on North Avenue- the area's primary retail thoroughfare- which provides convenient access to nearby Colorado Mesa University and Interstate 70 Business, which provides a direct route to Interstate 70 to the northeast.
• The investment offers potential upside with the opportunity to lease up 23,172 sq. ft. of vacant space at market rates.

Investment Overview
The opportunity is a 144,147 sq. ft., multi-tenant, retail property located in Grand Junction, Colorado and situated on one parcel totaling 12.16 acres at 2830 North Avenue, northeast of downtown Grand Junction. The Property has over 650 feet of frontage on the North Avenue Corridor. North Avenue is going through a major revitalization in which business and property owners are eligible for grants.

Per the county accessor, the alias address for the Property is 2836 North Avenue. The Property is located on North Ave just west of a Wal-Mart Supercenter. Constructed in 1972; renovated in 2001, 2003, and 2013 in which 100,000 sq. ft. of the roof was replaced. The improvements are currently 83.92% leased by nine tenants with 705 surface parking spaces (4.89/1,000 sq. ft.). StarTek USA (37.8% NRA; 48.9% of gross rents) and Sears Outlet Stores (29.1% NRA; 24.4% of gross rents) are the largest tenants at the Property, together they occupy 66.9% NRA and account for 73.3% of gross rents. StarTek USA is an international business process outsourcing company with 20 locations worldwide and has occupied the Property for 16 years. Sears Outlet Stores specializes in home appliances, household goods, and lawn & garden equipment, as well as fitness equipment, tools and electronics. Sears Outlet and Startek are publicly-traded companies and Startek has over 700 employees in the Eastgate Shopping Center location. Startek is traded at NYSE and symbol is SRT. Sears Outlet is traded at NASDAQ and symbol is SHOS.

The Property benefits from its position on North Avenue- the area's primary retail thoroughfare- which provides convenient access to nearby Colorado Mesa University and Interstate 70 Business, which provides a direct route to Interstate 70 to the northeast. The immediate vicinity is a densely populated residential neighborhood with a variety of commercial uses concentrated along North Ave. The Property is located approximately three miles northeast of downtown Grand Junction, three miles east of Colorado Mesa University, five miles south of Grand Junction Regional Airport and four miles east of Mesa Mall. Grand Junction is a 38.6-square mile city which boasts a healthy retail and professional community. Immediate retailers in the area include Walmart Supercenter, O’Reilly Auto Parts, Auto Zone, Walgreens, Kmart, Texas Roadhouse, McDonald’s, Village Inn, and Spring Hill Suites Grand Junction Downtown.

The most recent NOI as of December 31, 2015 was $585,591 with a Year One As-Is NOI of $611,424. The investment offers potential upside with the opportunity to lease up 23,172 sq. ft. of vacant space at market rates.


Bray & Co. Commercial
Sid Squirrell
(970) 241-2909 x2948



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