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| OfficeMax |
Parmer Lane and Interstate HWY 35,
Austin, Texas
Purchase Price: $4,736,842
• Ten (10) year primary term
• Three (3) x 5 year option periods
• NN (Double Net Lease)
• Rent increases $1.00 psf every 5 years during options
Land Area: ± 2.1 Acres, Building Area: ± 18,000 SF |
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Willis Ventures has just closed escrow on another single tenant net leased retail property, OfficeMax in Austin, Texas. The property sold for $4,736,842 with a 10 year NN lease and (3) 5-year options.
OfficeMax (formerly Boise Cascade) is the #3 office products retailer in North America (behind Staples and Office Depot), with some 1,000 superstores in the US, Mexico, Puerto Rico, and the US Virgin Islands. The stores offer about 10,000
name-brand and OfficeMax-branded products, including paper, pens, forms, and organizers, as well as office furniture and a wide range of technology products. OfficeMax also provides printing and document services through its ImPress
store-within-a-store. In addition to its retail outlets, the company’s contract division sells directly to business and government customers through field agents, telesales, and catalogs.
The subject property is located approximately 10 miles north of the Austin Central Business District. Interstate 35 has a traffic count in excess of 135,000 cars per day in front of this site. The intersection of Parmer and I-35 is a major retail destination with over 1 million square feet of retail in the immediate vicinity. National tenants in this area include Sears, Best Buy, Super Target, Kohls, Home Depot, Pier 1, Ross, Linens-N-Things, Petsmart, Toys R Us, Office Depot, Hobby Lobby, Lowes, Wal-Mart, HEB Grocery and JC Penney.
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