Net Leased T-Mobile Sold Date February 24, 2023
The Boulder Group, a net leased investment brokerage firm completed the sale of a single-tenant net leased T-Mobile located at 34901 Plymouth Road in Livonia, Michigan for $439,466.
The 1,575-square-foot building is located at the hard corner of Plymouth Rd (20,857 VPD) and N Wayne Road (26,100 VPD). The location benefits from its positioning across from the Ford Livonia Transmission Plant which employs approximately 2,845 total employees. The property is surrounded with tenants such as Dunkin’, Subway, Tim Hortons, Dollar Tree, 7-Eleven, and more. There are 256,460 people living within five miles of the property earning an average annual household income of $98,901. The T-Mobile property is also surrounded by several residential neighborhoods providing a solid customer base.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a national real estate firm, and the buyer was self-represented and local to the property.
The tenant has a low in place rent per square foot providing a potential value-add opportunity. The lease expires in September 2027. The tenant is the largest T-Mobile Exclusive Partner store franchisee. T-Mobile is the second largest cellular provider in the United States. T-Mobile currently has approximately 8,043 locations with a presence in all 50 states. T-Mobile US, INC. is investment grade rated each with a Standard & Poor’s rating of BBB-.
“The low rent characteristic caught the attention of several prospects early on” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Low price point single tenant properties still favor the private investor.”
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 2012-2021, 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