Located at 420 Telegraph Rd., Burnham Pacific developed the 9-acre property for the home improvement retailer in the late 1990s. According to Whatcom County property records, Bromont acquired the asset in October 2003 for about $23.5 million from RVIP CA/WA/OR Portfolio LLC, which acquired the asset from Burnham Pacific in November 2000 for about $20 million.

Jeffery Thomas of CBRE's Phoenix office represented both partied in the transaction. He was not available for comment. A source at Home Depot tells GlobeSt.com that only about 17% of the company's retail locations are leased.

During the fourth quarter of 2003, Home Depot added 64 new stores. At the end of fiscal 2003, the company operated a total of 1,707 stores--1,515 Home Depot stores in the United States, 102 Home Depot stores in Canada, and 18 Home Depot stores in Mexico.