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Columbia Plaza, Grand Forks, ND

Columbia Plaza

Grand Forks, ND

Price $9,535,000
Cap Rate 7.00%
NOI $667,396
Lease Term Various
Lease Type Net
Rental Increases Various
Year Built 2018 Remodeled
Building Size 58,631 SF
Lot Size 6.01 Acres (261,795 SF)
Status Available
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Cushman and Wakefield Inc. LIC. # 00616335
This property is listed in conjunction with North Dakota-licensed real estate broker Pifer’s Auction & Realty.

Investment Highlights

100% LEASED MULTI-TENANT RETAIL CENTER
» New long-term leases to major national retailers
» Corporate tenants with strong financials
» Multi-tenant center allows for investment diversification

HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR
» Excellent visibility and access to 36,760 vehicles per day at the signalized intersection of 24th Avenue South and South Columbia Road
» Nearby access to 32nd Avenue South (22,175 AADT) and Interstate 29 (14,450 AADT)
» Outparcel to Columbia Mall, the largest mall within 70 miles
» Located 80 miles from the Canada–U.S. border and 140 miles from Winnipeg, the Columbia Mall draws a significant number of customers from Canada
» Located in the heart of the 32nd Avenue South retail corridor, which has long been the commercial center of Grand Forks
» Grand Forks is a regional retail hub and serves a 17-county trade area with a population of 218,919

CENTRAL LOCATION NEAR MAJOR SCHOOLS, EMPLOYERS, AND RECREATIONAL AREAS
» Less than two miles from the University of North Dakota, which has approximately 15,000 students, 4,055 employees, and an economic impact on the state and region of $1.9 billion annually
» One mile from 299-bed Altru Hospital, the region’s largest employer, with 4,200 employees
» Minutes from the 21,000-seat Alerus Center arena/convention center and the adjoining waterpark, which is the largest in the state

Click Here to Download Offering Memorandum


Property Description

The property is strategically located at the signalized intersection of 24th Avenue South and South Columbia Road, with excellent visibility and access to 36,760 vehicles per day. Both roads provide access to nearby 32nd Avenue South (22,175 AADT), which connects to Interstate 29 (14,450 AADT). The property is outparcel to Columbia Mall and is accessible from the mall’s ring road. Columbia Mall is the largest mall within 70 miles. Located 80 miles from the Canada–U.S. border and 140 miles from Winnipeg, the mall draws a significant number of customers from Canada. Columbia Mall anchors the 32nd Avenue South retail corridor, which has long been the commercial center of Grand Forks. Many big box stores and notable retailers are located along the avenue, including Walmart Supercenter, Target, Hobby Lobby, Menards, Lowe’s, Best Buy, Party City, Sam’s Club, and more. Other tenants
near the property include Wells Fargo, AT&T, Batteries Plus Bulbs, and Buffalo Wild Wings, amongst others.

The property is centrally located near large schools, major employers, and popular community amenities. The property is less than two miles from the University of North Dakota, which has approximately 15,000 students, 4,055 employees, and an economic impact on the state and region of $1.9 billion annually. Other nearby schools include Red River High School (1,141 students) and Century Elementary School (657 students), both of which are within walking distance of the property. The property is also close to the 299-bed Altru Hospital, the region’s largest employer, with 4,200 employees. Additionally, several important recreational areas are nearby, including King’s Walk Golf Course, designed by Arnold Palmer, and the 21,000-seat Alerus Center arena/convention center and the adjoining waterpark, which is the largest in the state.

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