New 10 Yr. Extension Office Depot 1003 E 3rd Ave 22,750 SF Retail Building Spokane, WA 99202 $5,273,678 CAD ($231.81 CAD/SF) 6.52% Cap Rate

Linc Properties is pleased to present the opportunity to acquire a passive, single-tenant net-leased investment property leased to Office Depot in Spokane, Washington. The offering is secured by a newly executed corporately guaranteed 10-year lease extension completed in March 2026, providing long-term contractual cash flow under a triple-net (NNN) structure with minimal landlord obligations.
The property has supported continuous Office Depot operations since 1990, representing more than 34 years of established and successful operating history at this location. The long tenure, combined with the recent lease extension, reflects the tenant’s continued commitment to the site and its ongoing operational suitability as Office Depot continues their retail and service model evolution. The brand-new lease extension is at a below market rental rate and includes contractual rental increases of 10% and 27% in the primary and option period respectively.
The December 2025 acquisition of The ODP Corporation by Atlas Holdings in an approximately $1 billion transaction introduces a well-capitalized private sponsor with a demonstrated track record of acquiring and improving operating businesses through disciplined management and capital investment.
The property is in a very prominent location with direct access and visibility to Interstate 90 (100,000+ VPD) and with close proximity to downtown Spokane, the University District and the area’s growing business and consumer base. The 2.18-acre site, efficient building layout, strong ingress/egress, and ample parking support continued retail and service-based operations, as well as distribution and fulfillment-oriented components of the tenant’s evolving platform.
The property also benefits from a very generous density driven by General Commercial zoning allowing for a variety of uses and promoting future building height up to 150 feet further evidencing the solid investment intrinsic value and the future redevelopment optionality.
This offering provides a stabilized net-leased investment with long-term contractual income, demonstrated tenant commitment, a new strong experienced private corporate guarantee, and long-term real estate upside and flexibility.

RECENT ACQUISITION AND GROWTH RECAPITALIZATION
Atlas Holdings acquired The ODP Corporation in December 2025 in an approximately $1 billion transaction, strengthening the tenant’s capital structure. Atlas operates with approximately 30 companies with 75,000+ employees across 1,200 facilities, generating approximately $26 billion in annual revenue and managing $16+ billion of capital.
FLEXIBLE HIGH-DENSITY ZONING
Generous growth oriented General Commercial zoning allows up to approximately 150-foot building height and broad permitted uses supporting long-term redevelopment optionality and opportunity.
ESTABLISHED AND SCALED TENANT PLATFORM
The ODP Corporation generated approximately $6.99 billion in 2024 revenue and operates 869 Office Depot / OfficeMax locations allowing Atlas to immediately capitalize on one of the most well established and broad-based distribution, service and retail networks across the US.
HIGH-VISIBILITY & REGIONAL CONNECTIVITY
Direct exposure and signage to Interstate 90 (100,000+ VPD) with convenient proximity to the University District, downtown Spokane, and primary transportation corridors all supporting both customer access and service-based operations.
PROVEN LOCATION, FUNCTIONAL SITE & OPERATING HISTORY
Continuous operation since 1990 demonstrates long-term success and performance. The 2.18-acre site offers efficient layout, strong access, and ample parking supporting continued operational use perfectly situated for tenant retail, b2b and service distribution models.
LONG-TERM LEASE AND INCOME SECURITY
A newly executed 10-year corporately guaranteed lease (March 2026) provides long-term contractual predictable income. The triple-net structure minimizes landlord obligations and costs, and a 10% rent increase in December 2031* and 27% increase in the option period provides an inflation resistant income stream. (*Beginning 6/1/31, the Tenant may terminate the lease with 180 days notice if store sales do not exceed $2.5 mil. 2025 sales were approx. $2.9 mil.).
RECENT ACQUISITION AND GROWTH RECAPITALIZATION
Atlas Holdings acquired The ODP Corporation in December 2025 in an approximately $1 billion transaction, strengthening the tenant’s capital structure. Atlas operates with approximately 30 companies with 75,000+ employees across 1,200 facilities, generating approximately $26 billion in annual revenue and managing $16+ billion of capital.
FLEXIBLE HIGH-DENSITY ZONING
Generous growth oriented General Commercial zoning allows up to approximately 150-foot building height and broad permitted uses supporting long-term redevelopment optionality and opportunity.
ESTABLISHED AND SCALED TENANT PLATFORM
The ODP Corporation generated approximately $6.99 billion in 2024 revenue and operates 869 Office Depot / OfficeMax locations allowing Atlas to immediately capitalize on one of the most well established and broad-based distribution, service and retail networks across the US.
HIGH-VISIBILITY & REGIONAL CONNECTIVITY
Direct exposure and signage to Interstate 90 (100,000+ VPD) with convenient proximity to the University District, downtown Spokane, and primary transportation corridors all supporting both customer access and service-based operations.
PROVEN LOCATION, FUNCTIONAL SITE & OPERATING HISTORY
Continuous operation since 1990 demonstrates long-term success and performance. The 2.18-acre site offers efficient layout, strong access, and ample parking supporting continued operational use perfectly situated for tenant retail, b2b and service distribution models.