Chicago & Midwest + Midwest + Net Lease | March 1, 2021

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 Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).