The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant FedEx property located at 8273 Garfield Road in Freeland, MI for $2,623,643.
The 27,000 square foot FedEx was built in 1991 and is benefitted by its location near the MBS International Airport. FedEx is located along Garfield Road, the main thoroughfare between the MBS Airport Terminal and US-10. The property has 4,000 square feet of office space and 23,000 square feet of warehouse/distribution space with 16 foot clear height ceilings. The property is located less than ten miles from the headquarters of Dow Chemical Corporation.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private real estate investor. The purchaser was a private investor from Florida.
FedEx has over eleven years remaining on their lease that expires June 30, 2026. FedEx is committed to this location as evidenced by their recent lease extension. FedEx is an investment grade rated company (S&P: BBB) and is publicly traded on the New York Stock Exchange with a market capitalization in excess of $50 billion.
“Properties featuring long term leases to investment grade rated tenants remain at the forefront of investor demand.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “While the majority of single tenant investment activity is focused on core markets, some investors are primarily focused on the quality of the tenant rather than the top tier locations.”
