The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Rite Aid portfolio consisting of two properties located in Hamlin, West Virginia and Liberty, Kentucky for $3,640,000.
Both of the properties are fully leased to Rite Aid with approximately ten years of lease term remaining. Rite Aid is a publicly traded company (NYSE: RAD) with a market capitalization in excess of $5 billion.
The portfolio included the following Rite Aid properties:
1. 8315 Court Avenue, Hamlin, West Virginia
2. 343 Wallace Wilkinson, Liberty, Kentucky
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The purchaser was a private investment fund and the seller was a California based real estate company.
“We have been working with a client looking for Rite Aid properties nationwide to suffice their insatiable appetite. They have a strong desire to continue to acquire Rite Aid tenanted properties.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “There continues to be a strong market for Rite Aid properties amongst investors because they offer higher yields than CVS and Walgreens properties.”
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 $1.8 billion of single tenant net lease real estate transactions. From 2011-2013, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.