The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Bob’s Discount Furniture located at 9959 Colerain Ave in Cincinnati, Ohio for $5,505,000.
The 38,782 square foot building is located immediately off Interstate 275 (68,395 VPD) and Highway 27 (40,791 VPD) in the primary retail corridor of the trade area. The property is located adjacent to Meijer and near retailers including Walmart Supercenter, Lowe’s, Target, Home Depot, Dick’s Sporting Goods, Walgreens, ALDI and The Northgate Mall (Macy’s, Burlington, Ashley Furniture, and Xscape Theatres). There are approximately 150,000 people living within five miles of the property. Cincinnati is the economic and cultural hub of the Cincinnati metropolitan statistical area, the fastest growing economic power in the Midwestern United States based on increase of economic output.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The buyer was a Midwest based real estate investor and the seller was a Southwest based institution.
The tenant recently signed a 10-year lease with rental escalations and four 5-year renewal options. Bob’s Discount Furniture was founded in 1991 with its first store in Newington, Connecticut and is ranked 12th in sales among United States furniture stores according to Furniture Today’s list of Top 100 Furniture Stores.
“Lower rent net leases to national tenants are some of the most sought-after assets,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Buyer confidence is boosted when sellers spend significant amounts of improvements for tenants.”
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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, 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
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States