Net Leased Rite Aid in Pennsylvania Sale Arranged Date November 23, 2020
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Rite Aid Pharmacy located at 340 East High Street in Pottstown, Pennsylvania for $3,401,000.
The 10,752 square foot net leased Rite Aid Pharmacy is strategically positioned at the signalized intersection of High Street and Evans Street. The property is located in downtown Pottstown along the town’s main retail corridor within close proximity to local businesses, restaurants, shops and schools. National retailers in the area include AutoZone, Wells Fargo Bank, BB&T and Sherwin-Williams. There are more than 48,000 people living within a three mile radius of the property earning an average household income of $82,224 per year.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction. The buyer was a west coast based investor in a 1031 exchange and the seller was a Midwest based investment group.
The Rite Aid lease has over 5 years remaining on their first renewal option period which expires December 31, 2025. The original 20-year triple net lease features one 5-year renewal option period. Rite Aid Corporation is publicly traded on the New York Stock Exchange using the symbol “RAD”. There are over 2,464 stores Rite Aid Pharmacy’s in 31 states and the District of Columbia.
“Drug store properties with proven operating histories continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Some investors have shifted their focus to shorter term leases to increase their investment returns.”
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 $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.comBack