Net Leased Harbor Freight Property Sale Arranged Date July 16, 2020
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Harbor Freight property located at 408 Perry Avenue in Big Rapids, Michigan for $1,850,000.
The 24,034 square foot building is strategically positioned immediately off of Perry Ave (22,600 VPD), a primary east-west thoroughfare, and just off of Highway 131. The property is located roughly 60 miles north of Grand Rapids, Michigan. Harbor Freight benefits from being the only discount tool retailer in the immediate area. This Harbor Freight property is ideally located in a retail corridor with a Walmart Supercenter, Meijer, ALDI, Lowes, Menards, Walgreens, and AMC Theaters. The property is in close proximity to Ferris State University (14,707 students) which drives continual traffic to the trade corridor.
Harbor Freight recently signed a 10 year lease for the recently renovated building. The lease also features four 5-year renewal options with 10% escalations in both the original and option terms.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction who was a west coast based real estate firm. The buyer was self-represented and based in the Midwest.
“Investors seeking higher yields are trying to buy shorter term leased properties with quality real estate fundamentals,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties in retail trade areas continue to garner significant interest amongst private investors.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.comBack