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.<\/p>\n
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\u2019s main retail corridor within close proximity to local businesses, restaurants, shops and schools.\u00a0 National retailers in the area include AutoZone, Wells Fargo Bank, BB&T and Sherwin-Williams.\u00a0 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.<\/p>\n
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.<\/p>\n
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.\u00a0 Rite Aid Corporation is publicly traded on the New York Stock Exchange using the symbol \u201cRAD\u201d. There are over 2,464 stores Rite Aid Pharmacy\u2019s in 31 states and the District of Columbia.<\/p>\n
\u201cDrug store properties with proven operating histories continue to garner significant investor interest\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Senior Vice President of The Boulder Group, added, \u201cSome investors have shifted their focus to shorter term leases to increase their investment returns.\u201d<\/p>\n