Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 10,000-square-foot industrial facility located at 2711 East 24th Street in Joplin, Missouri. The property is fully leased to SRS Distribution Inc., a large building material supplier operating in more than 350 locations nationwide. Chris Adams of Northmarq represented the seller, a Kansas-based private investor. The property sold to a private investor based in Iowa.
“We achieved a competitive offer environment with multiple list price offers and transacted above our initial asking price. There is a noticeable shift in investor interest toward commercial properties that offer strong intrinsic value with critical attributes, but do not necessarily benefit from the assurances of a long-term lease,” said Adams, Associate Director in Northmarq’s Dallas, Texas office. “This transaction represents the growing demand from our traditional net lease buyer pool for strategic industrial assets, particularly well located with inside and outside storage.”
The property was constructed in 1969 on 1.3 acres. The site, located at the hard corner of 24th Street and Highview Avenue, provides convenient access from Rangeline Road with strong traffic counts and national retailers in the immediate vicinity. The tenant, operating as Arrowhead Building Supply, is the only SRS Distribution branch serving Joplin and the surrounding markets. The lease features strong rent increases and renewal options.