Mesa County Q3 2024 Market Update Report

market update bray real estate

PUBLIC POLICY CHANGES

● Mesa County Valley School District 41 Measure 4A: Shall District debt be increased $190M for the purposes of additions and renovation for Fruita Monument High School, Central High School, including adding secure entrances and high-priority repairs. 60.67% Yes, 39.33% No
● Mesa County Valley School District 41 Measure 4B: Shall District extend annual tax to be utilized for general funds such as providing additional instructional days, instructional materials, and educator training, as well as extending life of buildings. 58.7% Yes, 41.3% No
● Mesa County Issue 1A: Shall County increase its debt for the purpose of constructing an interchange at the intersection of Interstate 70 and 29 Road. 43.37% Yes, 56.63% No
● Mesa County Issue 1B: Shall County retain and spend tax revenue that exceeds current limit to be use for roads and bridges. 43.21% Yes, 56.79% No

DEVELOPMENTS

● Big Lots (2401 North Avenue) (closed): 28,751 sq.ft. retail center has closed; over 340 stores set to close across the country; retailer filed for Chapter 11 bankruptcy
● Costco (NE corner of I-70 and 24 Road) (on hold): The City of Grand Junction had planned to forgo $12.3 million in sales tax generated by the store after opening in order for the developer to build the infrastructure on the site; poor soil conditions at the site and escalating construction costs made the project no longer make sense financially
● Dutch Bros. Coffee (498 Sparn Street) (under construction): 950 sq.ft. drive-thru coffee shop
● Grand Junction High School (1400 N. 5th Street) (completed): $145M project funded by a 2021 ballot measure and state grant programs; 250,000 square feet in three stories; included health center and performing art center
● Colorado Mesa University Asteria Theater (864 Bunting Avenue) (completed): $54M theater with 860 seats, three seating levels, and large stage with mechanical orchestra pit; serves both the students of CMU and the residents of Western Colorado; all amenities required to support Broadway productions and boasts the largest stage between Denver and SLC

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2023 YTD 2024 YTD %+-
VELOCITY (Source – Mesa County Assessor)
Commercial Sales Volume

$146.1M

$148.8M

+2%
Commercial Transactions 145 147 +1%
VACANCY RATE  unavailable unavailable
CAP RATE  7.5% 7.5%
SALES TAX INDICATORS (Source – Mesa County)
All Sales Tax $40.1M $41M +2.3%
Lodging Taxes unavailable unavailable

About The Author

Brian Bray, Bray Commercial Real Estate

Born and raised in Western Colorado, Brian Bray is a fourth-generation Bray working in his family’s real estate brokerage, which was founded by his great-grandfather, Sherman Bray, in 1946. Brian brings to the table a vast working knowledge of real estate and the trusted name that has become the premier real estate firm of Western Colorado. Working for Bray Real Estate since 2004, Brian began his real estate career selling residential homes, farm/ranch properties, and development ground. He became managing broker of the commercial division in 2016. Previous to working in the family business, Brian owned and managed his own businesses and worked in the construction industry. He is educated in construction management and graduated from Mesa State College with a Bachelor of Science in Business Administration. Over the years, Brian has had the opportunity to assist his clients in asset disposition/acquisition and represent tenants of large national retailers and small main street businesses. Brian also maintains a large volume of real estate listings for his sales and leasing clients. Through continued education through CCIM and industry forums, Brian is able to stay on the pulse of the existing and emerging industries. Brian also manages Bray Business Brokerage, where he oversees a team of merger and acquisition specialists. He enjoys educating business owners in making strategic decisions to maximize the profitability of their company before selling it. He is also able to assist buyers in mitigating the risks involved in a business transaction. Brian resides in Grand Junction with his wife and five children. When he is not working, he enjoys recreating in the high country of the Rocky Mountains. Whether it is sitting at 13,000 feet watching some bighorn sheep or calling in a large bull elk during the rut, Brian won’t miss an opportunity to be hunting the vast expanse of the Rocky Mountain country. Achievements Top Commercial Producer – Bray Real Estate, 2016-2021 Broker of the Year – Rocky Mountain Commercial Brokers, 2018 Affiliations Member – Rocky Mountain Commercial Brokers Member – Grand Junction Rotary Club Member – Grand Junction Chamber of Commerce Member - The Society of Industrial & Office Realtors (SIOR) *The Society of Industrial & Office Realtors (SIOR) designation is a professional achievement for highly qualified commercial real estate practitioners with a strong transactional history in brokerage, fee-based services, or executive management.