The Boulder Group completed the sale of a single-tenant net-leased Walgreens property at 132 Richmond St. in Painesville, Ohio, for $2.57 million.
The 15,048-square-foot Walgreens sits at the corner of a signalized intersection. The property is also positioned just off of Lakeland Freeway, which connects Painesville to Cleveland.
The property is located in a retail corridor with PNC, CVS, Dunkin Donuts, McDonald’s and Taco Bell. The Walgreens property is also near Riverside High School (1,745 students), which drives continual traffic to the trade corridor. There are more than 75,000 people living within five miles of the property with an average household income of $81,854.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller was a private real estate company based in the northeast. The buyer was a West Coast-based real estate investor.
The Walgreens lease expires Feb. 28, 2028, and features eight five-year renewal option periods.
