The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Rite Aid portfolio consisting of two properties located in Hamlin, West Virginia and Liberty, Kentucky for $3,640,000.
Both of the properties are fully leased to Rite Aid with approximately ten years of lease term remaining. Rite Aid is a publicly traded company (NYSE: RAD) with a market capitalization in excess of $5 billion.
The portfolio included the following Rite Aid properties: 1. 8315 Court Avenue, Hamlin, West Virginia 2. 343 Wallace Wilkinson, Liberty, Kentucky
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the buyer and seller in the transaction. The purchaser was a private investment fund and the seller was a California based real estate company.
“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.”
