595 Circle Blvd, Corvallis, OR 97330
10,020 SF | Retail Building | Corvallis, OR 97330 | $2,125,000 ($212/SF) | 8% Cap Rate
For Sale
Active
3 pictures
Asking Price $2,125,000
- Property Type
-
Retail
- Square Feet
- 10,020 SF
- Price / Square Foot
- $212
Listing Contacts
- Property Info
Property Overview
Marcus & Millichap’s Brown Retail Group has been selected exclusively to market for sale a Corporate Big 5 Sporting Goods (NSDQ: BGFV) located minutes from Oregon State University in rapidly growing Corvallis, OR. Big 5 Sporting Goods recently extended its lease 5 years at a 13.4% rent increase and added an additional 5-year option. The Property was a build-to-suit for Big 5 Sporting Goods who has occupied this property since the original construction of the building in 1996. The NNN Lease is guaranteed by Big 5 Sporting Goods, Corp., a publicly traded company (NSDQ: BGFV). Big 5 is ranked #348 by Forbes for America’s Best Large Employers with over 424 stores in 11 western states, and $884M+ net sales in the full year 2023. The Property is shadow anchored by a successful Safeway, Coastal Farm & Ranch and Wilco in the dense and rapidly growing Corvallis submarket and benefits from a population of over 70,000 residents within a 5-mile radius. Retail vacancy rates in Corvallis are currently 2.2% (4.3% national average) with 12.4% rent growth over the past three years. With virtually no new retail development under construction and no new supply delivered in the past 12 months, the development lull creates an incredibly high barrier-to-entry. The Property is also adjacent to HP Campus which recently received $9.5 million from the state to support semiconductor research and manufacturing in Corvallis (~2,500 employees), and Pepsi Distribution (3.88 acres of distribution) amongst other tech manufacturers. The Property is also near Garfield Elementary School which enrolls 445 students and Linus Pauling Middle School which enrolls 768 students. Its close proximity to these locations provides a unique opportunity to serve a community looking for convenience between work, school, and home.
Property Details
- Class
- B
- Year Built
- 1997
- Stories
- 1
- Property Subtype
- Freestanding
- Lot Size (sq. ft)
- 33,106 SF
Highlights
- Strong Historical Occupancy
- Big 5 Sporting Goods (NSDQ: BGFV) Corporate Guarantee
- Recent 5-Year Lease Extension with Additional Option
- High-Growth Population Sub-Market in Salem, OR MSA
- High Barrier-to-Entry Sub-Market with 2.2% Vacancy Rate
- Located Minutes from Oregon State University (OSU)
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