The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net lease Bob\u2019s Discount Furniture located at 9959 Colerain Ave in Cincinnati, Ohio for $5,505,000.<\/p>\n
The 38,782 square foot net lease Bob’s Discount Furniture building is located immediately off Interstate 275 (68,395 VPD) and Highway 27 (40,791 VPD) in the primary retail corridor of the trade area. The property is located adjacent to Meijer and near retailers including Walmart Supercenter, Lowe\u2019s, Target, Home Depot, Dick\u2019s Sporting Goods, Walgreens, ALDI and The Northgate Mall (Macy’s, Burlington, Ashley Furniture, and Xscape Theatres). There are approximately 150,000 people living within five miles of the property. Cincinnati is the economic and cultural hub of the Cincinnati metropolitan statistical area, the fastest growing economic power in the Midwestern United States based on increase of economic output.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The buyer was a Midwest based real estate investor and the seller was a Southwest based institution.<\/p>\n
The tenant recently signed a 10-year lease with rental escalations and four 5-year renewal options. Bob’s Discount Furniture was founded in 1991 with its first store in Newington, Connecticut and is ranked 12th in sales among United States furniture stores according to Furniture Today’s list of Top 100 Furniture Stores.<\/p>\n