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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cInvestors seeking higher yields are trying to buy shorter term leased properties with quality real estate fundamentals,\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cProperties in retail trade areas continue to garner significant interest amongst private investors.\u201d<\/p>\n