(Northbrook, IL- July 7, 2017) –- (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Kmart property located at 10560 Harrison Avenue in Harrison, Ohio for $3,050,000.
The 86,714 square foot Kmart property is located along Interstate 74 exposing the property to over 50,000 vehicles per day. Interstate 74 links the suburb of Harrison to downtown Cincinnati. The Kmart is strategically located within the area’s primary retail destination which features The Home Depot, Kroger, Walgreens, CVS Pharmacy, Big Lots!, McDonald’s, Chipotle, Key Bank, AutoZone and Remke Markets. The average annual household income within a five mile radius of the property is approximately $80,000 per year.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Northeast based real estate investment firm. The purchaser was a Midwest based private investor.
Kmart has a long operating history at this property since 1981 and recently exercised a renewal option further illustrating their commitment to this location. There are four years remaining on the recently extended Kmart lease which expires August 31, 2021. The lease features a low rent per square foot ($2.99) and sold below replacement cost ($39.97 per square foot). Kmart is the third largest discount store chain in North America with more than 900 locations.
“The Midwest net lease market remains strong for corporately guaranteed single tenant properties” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Short-term leases with lower rents remain attractive to investors as they can allow for significant increase in property values.”
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 $4 billion of single tenant net lease real estate transactions. From 2011-2016, 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.com
The Boulder Group