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Chicago & Midwest   /   March 1, 2021

Paul Bubny
By: Paul Bubny

ND OfficeMax Trades in 1031 Exchange

SRS Real Estate Partners arranged the $2.35-million sale of a 23,500-square-foot single-tenant retail property. Located at 3225 30th Ave. S. in Grand Forks, ND, the property has a triple-net, corporate guaranteed lease in place with OfficeMax.

Joseph Simon of SRS National Net Lease Group represented the seller, a private investor from Madison, WI, as well as the buyer, an Oregon-based private investor, who was in a 1031 exchange.

Built in 1998, the property is situated on 2.53 acres. It is situated just south of the University of North Dakota and is across from Columbia Mall.

“Although there are just four years remaining on the OfficeMax lease, this asset provides a promising long-term outlook,” said Simon. “Should the tenant vacate at the end of its lease term, it offers a high profile, attractive retail location.”

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About the Author

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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