Northbrook, IL – November 23, 2016 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Best Buy property located at 6502 Grape Road in South Bend, Indiana for $9,009,000.
The Best Buy is strategically positioned in a regional retail trade area approximately three miles from the prestigious University of Notre Dame. The University of Notre Dame has a total enrollment of approximately 12,000 students and there are approximately 160,000 people living within a five mile radius of the property. The Best Buy is located along the area’s primary north-south thoroughfare directly across the street from a 920,000 square foot regional mall. Retailers in the immediate area include Walmart Supercenter, Sam’s Club, Costco, Whole Foods, Target, Home Depot, Lowe’s, Meijer, Menards, Kohl’s, Dick’s Sporting Goods and many others.
There are approximately seven years remaining on the Best Buy lease which expires March 20, 2023. The absolute triple net lease features a 3% rental escalation in the primary term and in each renewal option period. Best Buy is a leading retailer of technology and electric products with over 1,700 locations worldwide. Best Buy is an investment grade rated company with a Standard & Poor’s rating of BBB-.