Next Realty has completed the acquisition of a Best Buy net-leased retail property in Mishawaka, Ind.. The purchase price of the property was not disclosed.
The property is located at 6502 Grape Road and totals 50,000 square feet. It is located along the main retail corridor, about 2.5 miles from The University of Notre Dame.
The Mishawaka submarket is a strong area, with no large retail vacancies. Overall retail vacancy within the Mishawaka submarket is reported at 4.4 percent.
“This acquisition is a great opportunity to acquire a well-performing retail asset that essentially is located at “Main and Main” in Mishawaka’s primary retail district,” said Eteri Zaslavsky, director of acquisitions for Next Realty.
The building was originally developed for Service Merchandise. It was redeveloped 10 years ago and converted into a Best Buy. The tenant has another 10 years of term remaining on its lease. According to Zaslavsky, while Best Buy stores today are about one-third smaller, the retailer also has adapted a store-within-a-store concept and is leasing smaller spaces in the facility to complementary tenants such as Google, Verizon and Comcast.
This location is performing well and the store is in the top 25 percent in sales for the retailer. Further, it is the only Best Buy store within a 30-mile radius.
