Development Site for Sale in Grand Junction, Colorado

Thursday, July 27, 2017

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale 2809 North Avenue in Grand Junction, Colorado. The asset is an 85,485-square-foot, freestanding, recently vacated retail property situated on approximately 10.34 acres of land. 2809 North Avenue offers an investor the opportunity to acquire a well-positioned, infill parcel for redevelopment in one of the busiest retail corridors in Grand Junction along North Avenue (Highway 6) experiencing more than 26,000 vehicles passing by per day. 

2809 North Avenue consists of one, single-story building positioned approximately two miles northeast of downtown Grand Junction and roughly a half mile north of Interstate 70. Constructed in 1972, the development site property for sale offers a big-box site zoned for commercial use providing a buyer the opportunity to re-develop, re-tenant and/or capitalize on the undeveloped pad opportunities along North Avenue.

The site is in the heart of the North Avenue retail corridor, a major east-west arterial connecting Grand Junction’s major business districts. Direct access to the site is provided by North Avenue. The half-mile drive to Interstate 70 provides access to Denver to the northeast and the Utah state border to the west. Grand Junction Regional Airport is located approximately three miles north. Grand Junction is the only metropolitan area within a 60-mile radius, drawing consumers from the region stretching well into Utah and surrounding Colorado towns.

Commercial Property for Sale Investment Highlights

  • Redevelopment Opportunity:  2809 North Avenue provides an investor the opportunity to purchase a centrally-located asset with the ability to achieve their return investment objectives through redeveloping and repositioning the asset to its highest and best use in a strong demographic area along one of the busiest corridors in the market. Flexible C-1 zoning offers a wide-range of retail uses well-suited for grocery, hardware, clothing, furniture stores, restaurants, banks and professional offices, parks and playgrounds, theaters and recreational centers. 
  • Exceptional Location:  The land site for sale is exceptionally well-located along North Avenue (Colorado Highway 6), one mile east of Colorado Mesa University, a half mile north of Interstate 70 and three miles south of Grand Junction Regional Airport. 2809 North Avenue’s proximity to Interstate 70 and Highway 6 make it easy for potential customers to visit the property. This stretch of North Avenue is one of the busiest in the city, with more than 26,000 average daily vehicles passing by.
  • Improving Market Fundamentals:  The Grand Junction retail market continues to show improving fundamentals boasting a current overall vacancy rate of 2.9 percent and quoted rental rates at $10.31 per square foot triple net leased (NNN). This represents a 20 percent increase in quoted rates since 2015. Additionally, the market has experienced positive net absorption for the last four consecutive years.
  • Strong Demographics:  The asset sits in a primary trade area comprising 103,809 people and 41,392 households within a five-mile radius. The population has increased 25 percent since 2000. Further, the average household income is $65,387, which is 13 percent above the national average.

2809 North Avenue offers an attractive redevelopment opportunity in an exceptional location with improving fundamentals and strong demographics. For more information on this commercial property for sale or other developable properties for sale in the Denver area, please contact Chad Murray or Mark Williford in HFF’s Denver office. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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