Sold.

Jason Griffith, CCIM with NAI Excel sold a 21,270 SF commercial multi-tenant office building in Caldwell, Idaho for $1,500,000. Because of under market rents, the investor accepted a CAP rate just under 5%. Griffith said, “Over the shorter term, tenants’ rents can be corrected and increased and that will push the CAP rate up.” From a Replacement Cost standpoint, the strike price was far less than the replacement cost of the office building.

The current ‘hot’ investment market in Utah and Idaho makes quality investment properties particularly difficult to find. In this case, the property had been just listed and we made the first call. Griffith represents investors with investment acquisitions in Utah and throughout the United States.