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6502 Grape Road - University Center - Best Buy, Mishawaka, IN
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6502 Grape Road - University Center - Best Buy
Mishawaka, IN 46545-1102 - Mishawaka Submarket
5 AC (217,800 SF)
For Sale Price:
905 Surface spaces are available
The Boulder Group is pleased to exclusively market for sale a single tenant Best Buy property located in South Bend, Indiana. The Best Buy is strategically positioned in a regional retail trade area approximately three miles from the prestigious University of Notre Dame. The property is located along the area’s primary north-south thoroughfare directly across the street from a 920,000 square foot regional mall. Best Buy has operated at this location since 2003. There are over seven years remaining on the Best Buy lease which expires March 20, 2023. The absolute triple net lease features a 3% rental escalation in the primary term and in each renewal option period. Best Buy is a leading retailer of technology and electric products with over 1,700 locations worldwide. Best Buy is a publicly traded company (NYSE: BBY) with a market capitalization in excess of $10 billion.
The Best Buy property is strategically positioned at the signalized intersection of Grape Road and University Drive. Grape Road is the primary north-south thoroughfare in the trade area. This signalized intersection also serves as the main entrance to the University Park Mall which is located directly across the street from the Best Buy property. The University Park Mall is a 920,000 square foot regional mall anchored by Apple, Macy’s, JCPenney, Sears and Barnes & Noble. The Best Buy is benefitted by its central location within the region’s primary retail trade area that features retailers such as Walmart Supercenter, Sam’s Club, Costco, Whole Foods, Target, Home Depot, Lowe’s, Meijer, Menards, Kohl’s, Dick’s Sporting Goods and many others.
The 50,000 square foot Best Buy building is located approximately three miles northeast of the University of Notre Dame which has a total enrollment of approximately 12,000 students. There are approximately 160,000 people living within a five mile radius of the property.
There are over seven years remaining on the original twenty year Best Buy lease which expires on March 20, 2023. The lease features a 3% rental escalation in the primary term and in each of the four 5-year renewal option periods. The lease is an absolute triple net lease that features no landlord responsibilities. Best Buy is publicly traded on the New York Stock Exchange (BBY) with a market capitalization in excess of $10 billion. Best Buy’s Standard & Poor’s credit rating was recently upgraded in August 2015 to BB+ due to positive performance trends.
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The Boulder Group
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