Pinnacle Real Estate Advisors Announces the Sale of Single Tenant Office Depot in Colorado
Pinnacle Real Estate Advisors, LLC has completed the sale of a single-tenant Office Depot located at 2765 East Main Street in Cañon City, Colorado. The 20,679 square foot building sold for $1,175,000 or $56.82 per square foot.
The 1.76-acre Office Depot property is strategically located just off the signalized intersection of Royal George Boulevard (Highway 50) and North Raynolds Avenue. Royal George Boulevard is the primary thoroughfare in Cañon City.
The building was built in 2007 and surrounded by numerous national retailers including Walmart Supercenter, Home Depot, Safeway, Walgreens, AutoZone, and many others.
Cañon City is the county seat of Fremont County and has a population of approximately 20,000 people. The primary economic drivers of Fremont County are tourism, healthcare, and its 11 correctional facilities. The facilities are publicly funded and together serve as the area’s largest employers, followed by Centura Health (St. Thomas More Hospital and Progressive Care Center).
Cañon City is located 45 minutes west of Pueblo and is the third oldest city in Colorado. One of the major attractions to Cañon City is its proximity to The Royal Gorge Bridge, America’s highest suspension bridge. Many other attractions draw numerous tourists to this town, including the historic downtown, white water rafting, hiking, museums, and scenic drives.
Office Depot is a publicly traded company (NASDAQ: ODP) with a market capitalization of approximately $2 billion.
Zach Wright, Rob Edwards, and Tom Ethington of The Edwards | Ethington Team represented the purchaser while Jeffrey Hirschfeld with Antonoff & Co. Brokerage, Inc. represented the seller.
“The market for properties with short-term leases and favorable economics such as low rent remains robust,” stated Zach Wright, Associate Advisor.
Rob Edwards, Principal, added “single tenant properties located in Colorado are highly sought after. This low-cap rate transaction is further evidence that investors are willing to pay a premium for assets located in Colorado.”