(Northbrook, IL- July 7, 2017) –- (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Kmart property located at 10560 Harrison Avenue in Harrison, Ohio for $3,050,000.
The 86,714 square foot Kmart property is located along Interstate 74 exposing the property to over 50,000 vehicles per day. Interstate 74 links the suburb of Harrison to downtown Cincinnati. The Kmart is strategically located within the area’s primary retail destination which features The Home Depot, Kroger, Walgreens, CVS Pharmacy, Big Lots!, McDonald’s, Chipotle, Key Bank, AutoZone and Remke Markets. The average annual household income within a five mile radius of the property is approximately $80,000 per year.
Kmart has a long operating history at this property since 1981 and recently exercised a renewal option further illustrating their commitment to this location. There are four years remaining on the recently extended Kmart lease which expires August 31, 2021. The lease features a low rent per square foot ($2.99) and sold below replacement cost ($39.97 per square foot). Kmart is the third largest discount store chain in North America with more than 900 locations.