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Office Supply

OfficeMax

505 30th Ave, Council Bluffs, IA 51501

Listing Price: $3,403,000

Cap Rate
7.25%
Tenant Name
OfficeMax
Years Remaining On Lease
6.4
Gross SF
23,500
Guarantor
No Guarantee
Rentable SF
23,500
Price/Gross SF
$144.81
Lease Type
Double Net
Rent Per Square Feet
$10.50

Investment Overview

OfficeMax is a subsidiary of The ODP Corporation (NASDAQ: ODP), a leading provider of business services and supplies, products and technology solutions. ODP operates through its fully integrated omni-channel platform of approximately 1,100 stores, online presence and dedicated sales professionals and technicians. Through its banner brands Office Depot®, OfficeMax®, CompuCom® and Grand&Toy®, the company offers its customers the tools and resources to focus on starting, growing and running a business. OfficeMax was founded in Cleveland, Ohio in April of 1988. In February of 2013, an all-stock merger between Office Depot and OfficeMax was announced. The merger was completed in November of 2013, creating the largest U.S. office supplies chain. Located on the banks of the Missouri River and just steps away from the Omaha metro area, Council Bluffs has quickly evolved into one of the Midwest’s best places to visit. With an estimated 62,300 residents, Council Bluffs is the most populous city in Southwest Iowa and a principal city in the Omaha-Council Bluffs metro area, with a total population of over 865,000.

Investment Highlights

  • Tenant Recently Exercised 10-Year Lease Extension
  • 91,195 Residents Within a Five-Mile Radius - Omaha, Nebraska MSA
  • Immediately Off the I-80 Freeway (83,300 Cars per Day) with Direct Access to Omaha
  • Situated in Dense Retail Corridor - Home Depot, Walmart, Sam's Club, ALDI, Menards, Taco Bell, McDonald's, and More
  • Close Proximity to Google Data Center (Over 300 Employees)
  • Down the Road from Metro Crossing Shopping Center - Retailers Include Target, PetSmart, Hobby Lobby, Kohl's, and TJ Maxx
  • Strong Daytime Population - 112,154 Employees in Surrounding Area
  • Virtually No Vacancy in the Area

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) IA: B63379000

    Iowa

Office Supply

OfficeMax

Listing Price: $3,403,000

Cap Rate
7.25%
Tenant Name
OfficeMax
Years Remaining On Lease
6.4
Gross SF
23,500
Guarantor
No Guarantee
Rentable SF
23,500
Price/Gross SF
$144.81
Lease Type
Double Net
Rent Per Square Feet
$10.50

Investment Highlights

  • Tenant Recently Exercised 10-Year Lease Extension
  • 91,195 Residents Within a Five-Mile Radius - Omaha, Nebraska MSA
  • Immediately Off the I-80 Freeway (83,300 Cars per Day) with Direct Access to Omaha
  • Situated in Dense Retail Corridor - Home Depot, Walmart, Sam's Club, ALDI, Menards, Taco Bell, McDonald's, and More
  • Close Proximity to Google Data Center (Over 300 Employees)
  • Down the Road from Metro Crossing Shopping Center - Retailers Include Target, PetSmart, Hobby Lobby, Kohl's, and TJ Maxx
  • Strong Daytime Population - 112,154 Employees in Surrounding Area
  • Virtually No Vacancy in the Area

Investment Overview

OfficeMax is a subsidiary of The ODP Corporation (NASDAQ: ODP), a leading provider of business services and supplies, products and technology solutions. ODP operates through its fully integrated omni-channel platform of approximately 1,100 stores, online presence and dedicated sales professionals and technicians. Through its banner brands Office Depot®, OfficeMax®, CompuCom® and Grand&Toy®, the company offers its customers the tools and resources to focus on starting, growing and running a business. OfficeMax was founded in Cleveland, Ohio in April of 1988. In February of 2013, an all-stock merger between Office Depot and OfficeMax was announced. The merger was completed in November of 2013, creating the largest U.S. office supplies chain. Located on the banks of the Missouri River and just steps away from the Omaha metro area, Council Bluffs has quickly evolved into one of the Midwest’s best places to visit. With an estimated 62,300 residents, Council Bluffs is the most populous city in Southwest Iowa and a principal city in the Omaha-Council Bluffs metro area, with a total population of over 865,000.

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): IA: B63379000

    Iowa

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