The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net leased Ohio Rite Aid Pharmacy located at 4332 Cleveland Avenue in Canton, Ohio for $2,100,000.<\/p>\n
The 11,385 square foot Rite Aid is strategically positioned at the signalized intersection of Cleveland Avenue and 44th Street. Cleveland Avenue is a primary north-south thoroughfare in the area experiencing traffic counts of 20,700 VPD. The Rite Aid is located less than 2.5 miles from Interstate 77 (90,880 VPD). Other retailers in the area include AutoZone, Fifth Third Bank, O\u2019Reilly Auto Parts and Giant Eagle Supermarket. The property features a drive-thru, GNC in-store outlet and has excellent visibility\/ signage. Rite Aid has successfully operated at this location since 1998. There are more than 97,000 people living within 5 miles with an average household income in excess of $117,000 annually.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented both sides in the transaction. The seller was a Midwest based investment group and the buyer was a New York based investor.<\/p>\n
Rite Aid has more than 5 years remaining and has one 5-year renewal option remaining. Rite Aid Corporation operated more than 2,464 stores in 31 states of the United States, and the District of Columbia. Rite Aid Corporation was founded in 1962 and is headquartered in East Pennsboro Township, Pennsylvania.<\/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, \u201cInvestment properties in top 50 MSA\u2019s continue to trade regularly.\u201d<\/p>\n