The Boulder Group completed the sale of a single-tenant net-leased Best Buy property at 6502 Grape Road in South Bend, Indiana, for $9 million.
The Best Buy is positioned in a regional retail trade area about three miles from the the University of Notre Dame. 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.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest real estate investment company. The purchaser was a West Coast real estate investment company.
There are about seven years remaining on the Best Buy lease, which expires March 20, 2023. The absolute triple-net lease features a 3 percent rental escalation in the primary term and in each renewal option period.
