U-Haul Purchases Western CO Retail Building
- Dec 15, 2017
AMERCO, the parent company of U-Haul, has purchased a vacant retail asset in Grand Junction, Colo. The property features 85,485 square feet of space for a single tenant. The buyer paid $2.1 million to acquire the building and its 10.3-acre parcel from the previous owner, Sears Holdings Corp.
Located at 2809 North Ave., the property sits directly on U.S. Highway 6, a major artery in the city, and approximately three miles from Interstate 70. Built in 1973 for Kmart, the store closed in March 2017 as part of a nationwide restructuring. Following the closure, a Denver-based HFF team led by Chad Murray and Mark Williford began marketing the property for sale.
“We continue to see opportunity in well-located vacant retail boxes, and 2809 North Ave. was no exception, garnering significant interest from traditional retailers and non-retailers alike,” Williford, director of retail investment sales with HFF, said in prepared remarks. “The former Kmart provided an opportunity for U-Haul to expand its current presence in Grand Junction with a highly visible and well-trafficked location.”
While the property will be renovated and rebranded as a U-Haul facility, other Kmart buildings nationwide have faced different fates, including one in North Carolina, which opened earlier this year as a self-storage facility following an adaptive reuse project.
Image via Google Street View