The Boulder Group completed the sale of a single-tenant net-leased Harbor Freight property at 408 Perry Ave. in Big Rapids, Michigan, for $1.85 million.
The 24,034-square-foot building is strategically positioned immediately off of Perry Avenue, a primary east-west thoroughfare, and just off of Highway 131. The property is located roughly 60 miles north of Grand Rapids, Michigan.
Harbor Freight benefits from being the only discount tool retailer in the immediate area. This Harbor Freight property is ideally located in a retail corridor with a Walmart Supercenter, Meijer, ALDI, Lowes, Menards, Walgreens and AMC Theaters. The property is in close proximity to Ferris State University.
Harbor Freight recently signed a 10-year lease for the recently renovated building. The lease also features four five-year renewal options with 10 percent escalations in both the original and option terms.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction who was a west coast based real estate firm. The buyer was self-represented and based in the Midwest.