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.”
