(Harrison, Oh.) – The building that houses Harrison’s Kmart store has been sold.
A Midwest-based private investor has purchased the 86,714-square-foot building at 10560 Harrison Avenue for $3.05 million.
Kmart has been located there since 1981. The nation’s third-largest retail chain recently signed a net lease renewal option for the property extending through August 31, 2021.
The Boulder Group represented the seller, a Northeast-based real estate investment firm, in the deal.
“The Midwest net lease market remains strong for corporately guaranteed single tenant properties” said Randy Blankstein, President of The Boulder Group.
Jimmy Goodman, Partner of The Boulder Group, added, “Short-term leases with lower rents remain attractive to investors as they can allow for significant increase in property values.”