The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant Rite Aid property located at 1201 Main Street in Oak Hill, WV for
$2,090,000.
The 11,180 square foot Rite Aid building is
located at a signalized intersection along the primary north-south thoroughfare
in the trade area. This Rite Aid has strong store sales and Rite Aid is
committed to this location as evidenced by their recently executed fifteen year
lease extension. They have successfully operated at this location since 1998.
There are fifteen years remaining on the Rite Aid lease.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented both the buyer and seller in
the transaction. The buyer was a private capital investment fund and the seller
was a West Coast based private investment company.
There
are fifteen years remaining on the Rite Aid lease that was recently extended.
The lease features four 5-year renewal option periods with rental escalations
in each. Rite Aid is a publicly traded company (NYSE: RAD) with a market
capitalization in excess of $5 billion and have over 4,500 locations.
“We
have been working extensively with the same buyer due suffice their desire to
buy more Rite Aid properties nationwide. The buyer’s strategy is to continue to
purchase more Rite Aid assets” 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.
