Net Lease Best Buy Sold

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Best Buy property located at 6502 Grape Road in Mishawaka, Indiana for $9,640,000.

The 50,327 square foot building benefits from its location along Interstate 80 which experiences over 25,977 vehicles per day. This dense retail corridor features several shopping centers occupied by nationally recognized tenants. Nearby tenants include Target, Apple, Macy’s, Menards, Ross, Walmart, Sam’s Club, The Home Depot, ALDI, Meijer, and Costco. The subject asset also benefits from its proximity to The University of Notre Dame and the Saint Joseph Mishawaka Medical Center. There are 143,281 people living within a 5-mile radius that earn an average household income of $93,195.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a West Coast partnership and the buyer is an institution.

Best Buy Co. Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Best Buy is the largest specialty retailer in the United States consumer electronics retail industry. The company ranked number 94 in the 2023 Fortune 500 list of the largest United States corporations by total revenue.

“This property features ideal demographics and is strategically located in a dense retail corridor near the University of Notre Dame” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman of The Boulder Group, added, “The market remains active for established national retailers that have strong credit, as they offer a stable investment at attractive yields.”

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