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.”