Fully leased Rifle property trades in record-setting sale
A mixed-use property in Rifle sold in a record-setting sale.
The Fastenal Center, a 9,750-square-foot property at 695 Buckhorn Drive, sold for $1.39 million, or $142.31 per sf, the highest price-per-sf sale recorded in Rifle for flex, retail and office space.
“We are continuing to see an influx of buyers traveling further out to secondary and tertiary markets in search of greater yields,” said Cory Gross of Marcus & Millichap. “This was our second property sale in Rifle just this summer to Denver based buyers. This property has two tenants that have performed extremely well throughout the current economic environment. Fastenal stock has rallied nearly 30% since the pandemic while the company posted a 116% increase in safety goods such as masks and gloves.”
Gross listed the property for seller Value Investment Group and secured the buyer, a private investor.
Constructed in 2007 for Fastenal, the property is fully leased to two tenants – Fastenal and RJ Mann & Associates Inc., an oil and gas company, which has been located at the building since 2012.
The new owner isn’t expected to make any improvements as it was well maintained. The purchase of the property did include excess land, which could accommodate an additional 5,000 sf.
“The buyer really liked the proximity to I-70 and the tenant mix,” added Gross, noting the buyer’s previous purchase in the market was an automobile-oriented building.
Featured in the September 16-October 6, 2020, issue of CREJ