Thursday, February 27, 2014

Single Tenant Net Lease OfficeMax for Sale

The Boulder Group is pleased to exclusively market for sale a single tenant OfficeMax property located in East Peoria, Illinois. OfficeMax is committed to this site as evidenced by their extension of their first five year renewal option period. The 1.89 acre parcel is located within the Peoria region’s dominant retail corridor that features regional draws such as Bass Pro Shops, Walmart Supercenter, and Lowe’s. OfficeMax recently merged with Office Depot to create a dominant retailer and the largest U.S. office-supplies chain. OfficeMax is publicly traded on the New York Stock Exchange (ODP) with a market capitalization in excess of $2.5 billion.
The OfficeMax property is strategically located along Interstate 74, which experiences traffic counts in excess of 60,000 vehicles per day. There are over 125,000 people living within five miles of the subject property. The OfficeMax is centrally located within Peoria’s dominant retail corridor that is anchored by Bass Pro Shops, Walmart Supercenter, Lowe’s, Costco, Target, Kohl’s and Gordmans. The property is located in a Walmart Supercenter and Lowe’s anchored development. Other retailers located in the area include Embassy Suites Hotel and Conference Center, PetSmart, Ross Dress For Less, Aldi, McDonald’s, Panera, and Buffalo Wild Wings.

The recently extended OfficeMax lease has approximately 5 years remaining and expires in October 2018. There are three 5-year renewal options remaining with rental escalations in each. OfficeMax is a publicly traded company on the New York Stock Exchange (ODP) with a market capitalization in excess of $2.5 billion.