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Center, CO

710 East 3rd Street

Address:
710 East 3rd Street, Center, CO 81125
Property Type:
Single Tenant
Price:
$1,400,000
Square Feet:
65,500 sqft
Lot Size:
2.21 Acres
Price Per Square Foot:
$21.37
Year Built:
1973
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

  • Property Offered for Sale or Lease – Ask Broker for Lease Rates
  • Seller Offering Seller Financing for Purchase Option
  • 65,000-Square-Foot Property on 2.21 Acres
  • Property Includes Rail Spur, 30’ Clear Height, and 20 Drive-In Doors
  • Located Just Off Highway 112; 30-Minute Drive to Alamosa
  • Potato Storage/Packing Facility with Equipment Included – Belt Loader, Flume System, Bag Loader
  • Property Includes Hydraulic Power Units; Humidifier and Cooling for Storage Bins
  • Property is in Opportunity and Enterprise Zone; Eligible for Grants
  • Property Includes a Well Permit – 100 GPM Commercial Use

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 710 East 3rd Street in Center, Colorado. The subject property consists of approximately 65,500 square feet of industrial space and is situated on 2.21 acres of land. The asset features a rail spur, a clear height of 30’, and 20 drive-in doors. Previously used as a potato storage and packing facility, the building is equipped with a belt loader, flume system, and bag loader. The property includes hydraulic power units, and a humidifier and cooling system for storage bins. In addition, the property is permitted for a well, allowing for a long-term reduction in utility costs given the lack of above-ground water in the region. Situated in an Opportunity Zone, the future owner may qualify for a capital gains tax abatement. Located just off State Highway 112, the property is a 30-minute drive to Alamosa, the largest city in the region.

Incorporated in 1907, Center is a quiet town located in south central Colorado. Center is situated in the agricultural center of the San Luis Valley, hence the name. Among its many attractions, San Luis Valley is highlighted by the famed Great Sand Dunes National Park and Preserve. Like most parts of the valley, the town of Center sits at an elevation of 7,644 feet and consists of the counties of Rio Grande and Saguache. In the recent 2020 U.S. Census, Center reported a population of 1,929 residents, in which nearly all (1,885) belong to Saguache County. The nearest university, Adams State College, resides within Alamosa, and the closest airport, Leach Airport, sits just six miles from Center (Uncover Colorado, Wikipedia).

POTATO INDUSTRY PROFILE

Grown commercially, potatoes remain the top vegetable crop in the U.S., with a total of one million acres harvested each year. While Idaho reigns as the dominant producer, the states of Washington, North Dakota, Wisconsin, and Colorado are also leading potato producers. In 2020, the total value of the domestic potato crop amounted to $3.88 billion. Among the variety of potato products, frozen potato goods, fresh potatoes, and potato chips top the market (Agricultural Marketing Resource Center).

The U.S. is a net exporter of potato products and stands to benefit from the Russia – Ukraine War. Followed by Russia, Ukraine ranks as the fourth largest producer of potatoes in the world (PotatoPro.com). With the war disrupting production, demand by neighboring European nations that previously consumed most of Ukraine’s potatoes will likely spill over into the American market. Through the second quarter of 2022, prices on potato products are up 13.6 percent year-over-year, easily outpacing the consumer price index. Although sales volume has remained relatively flat over the last year, sales are rising among instant, canned potato, and refrigerated products, of which the latter makes up the majority of U.S. exports (Potatoes USA, Agricultural Marketing Resource Center).

BROKER OF RECORD
Adam Lewis
Colorado Broker of Record
1225 17th Street, Suite 1800
Denver, CO 80202
Tel: (303) 328-2050
Adam.Lewis@MarcusMillichap.com
License: ER. 100091205
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0050516)