The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Firestone located at 25 Indianwood Road in Lake Orion, Michigan for $4,135,048.<\/p>\n
The 6,116 square foot net leased Detroit MSA building is positioned near the corner of Indianwood Road and North Lapeer Road (58,600 VPD), also known as M-24 which drives a large portion of traffic through Lake Orion. Tenants in the immediate area include Kroger, Walgreens, Ace Hardware, Buffalo Wild Wings, Jersey Mike\u2019s Subs, and several others. There are 61,622 people living within five miles of the property earning an average annual income of $126,188. The property is less than one mile from Lake Orion, the 506 -acre body of water that the village is based around.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller who was a Midwest based real estate developer. The buyer was a southeast based private real estate investor.<\/p>\n
Firestone is an American tire company founded by Harvey Firestone in 1900. Bridgestone is an investment grade rated tenant \u2013 rated \u201cA\u201d by Standard and Poor\u2019s. BSRO is headquartered in Nashville, TN, and operates the largest network of company-owned automotive service providers in the world. There are nearly 2,200 tire and vehicle service centers across the United States (Firestone Complete Auto Care, Tires Plus and Wheelworks).<\/p>\n
\u201cInvestor continue to search for e-commerce resistant tenants like Firestone\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cNet lease automotive properties continue to trade regularly through the first quarter of 2022.\u201d<\/p>\n