2650 North Ave
Grand Junction, CO 81501
Red Cliff Pointe · Retail Property For Sale

This is a Value-Add Opportunity Property with 22% Vacant Space Available for Lease-Up Marcus & Millichap is proud to present to qualified investors Red Cliff Pointe, a 49,063 square foot multi-tenant community shopping center. Red Cliff is located on North Avenue in Grand Junction, a major four-lane thoroughfare with traffic counts of 34,287 vehicles per day. Built in 1990, Red Cliff Point is 78 percent leased to seven tenants, of which 56 percent of the leasable space is national credit, including Comfort Dental, CSL Plasma and Tuesday Morning. All leases are triple-net (Tuesday Morning has a cap on CAMS’s) and current in-place rents average $11.92 per square foot. Situated in Grand Junction Tract 3 Opportunity Zone, Red Cliff Pointe’s stability and future upside growth potential cannot be overstated. Comfort Dental has been in occupancy since 2014 and has five years remaining (4/2024); CSL Plasma is on a 15-year lease with approximately 12 years remaining (2/2031) with two option periods with rent bumps; Tuesday Morning has been in occupancy since 2000, and just early extended their lease for three additional years through 2022 with two three-year options thereafter. All three national tenants have rent escalators. It is also noteworthy that CSL Plasma has invested in excess of $1,000,000 in rehab and tenant improvement costs in their space. Other national retail tenants in the immediate area consist of Big Lots, Sherwin Williams, Dollar Tree, Rent-a-Center, Planet Fitness, Aaron’s, Sonic, McDonald’s, Discount Tire, Auto Zone, O’Reilly’s Autoparts, Wendy’s and Village Inn to name a few. The city of Grand Junction, with a population of approximately 100,000 in its MSA, is experiencing its best growth year in a decade. The economy has become more diverse and less dependent on the oil and gas industry. Many new companies in the tech industry as well as service and distribution have relocated to the Grand Junction valley. In addition, North Avenue is undergoing a revitalization plan. It is part of a four-mile corridor which is being petitioned as an urban renewal area. This will also drive more traffic to this retail area and instill increased rents and occupancy levels for the future. Priced at a 7.86 percent capitalization rate on actual rents in place and $94 per square foot, Red Cliff Pointe will provide a new owner with a 9%+ going-in cash flow, stable tenancy, national credit anchors, excellent frontage on a major high traffic thoroughfare, and substantial upside potential in leasing up the vacant space.