The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant Rite Aid property located at 100 Madison Street in Shelbyville, TN for
$2,020,000.
The 10,908 square foot Rite Aid property is
located at the signalized intersection of North Main Street and Madison Street.
Main Street is the primary north-south thoroughfare in the Shelbyville region.
The Rite Aid is located in a strong retail corridor that features Lowe’s, Kroger,
Regions Bank, and Dollar General Market. The Rite Aid lease has four years
remaining.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented both the buyer and seller in
the transaction. The buyer was a private investment fund and the seller was a
high net worth individual investor.
There
are approximately four years remaining on the Rite Aid lease that expires in
August 2018. The lease is an absolute triple net and features four 5-year
renewal option periods. 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 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.
