Grand Junction, CO - VA Development Land
$1,150,000
SWQ North Ave & 28 Road, Grand Junction, CO 81501
10.51
Cap Rate
120,870
NOI
Details:
Description:
SRS National Net Lease is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in a 3.71-acre development land parcel with a portion currently ground-leased in Grand Junction, Colorado. Approximately 0.82 acres are leased to the U.S. Department of Veterans Affairs and feature a secured, gated lot with a small guard building that is used for storage and overflow parking for the Grand Junction VA Medical Center (77-bed facility) located one block to the west. The VA lease has over 6 years of firm term remaining and includes one 10-year extension option featuring an approximate 18% rent increase at the start of the option period, providing a meaningful hedge against inflation for a future investor. The tenancy is backed by the credit of the U.S. Government (S&P: AA).
The property is strategically located at the signalized, hard corner intersection of North Avenue and 28 Road which supports more than 31,000 vehicles per day.
The asset also benefits from nearby access to Patterson Road (29,500 VPD), Highway 340 (23,000 VPD), and North 12th Street (16,900 VPD), making this an ideal, centralized location with easy commutes. Furthermore, the subject property is within walking distance from Colorado Mesa University, a Division II (NCAA D2) institution with approximately 11,051 enrolled students, which provides a steady daytime population and ongoing demand drivers for the surrounding trade area. Moreover, the asset is ideally located within Teller Arms Center, a 128,262 SF neighborhood center anchored by Planet Fitness, Big 5, Dollar Tree, and Rent-A-Center. The neighboring Planet Fitness and Big 5 Sporting Goods are the 3rd and 4th highest performing locations in Colorado, respectively (per Placer.Ai). Other nearby national/credit tenants include Walmart Super Center, Lowes, Safeway, Hobby Lobby, Sprouts, True Value Hardware, and more. The subject property is less than four miles from Grand Junction Regional Airport (GJT), the busiest commercial airport on Colorado’s Western Slope, which facilitates approximately 60,000 aircraft operations annually and generates an estimated $817.0 million in total economic activity for the region. The 5-mile subject trade area is supported by more than 110,000 residents and 63,000 daytime employees who earn average household incomes of more than $84,000.
Location
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