The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Rite Aid Pharmacy located at 3871 Center Road in Brunswick, Ohio for $2,985,000.<\/p>\n
The 13,500 square foot net leased Rite Aid Pharmacy is positioned just off of the signalized intersection of Center Road and Hadcock Road. Center Road is the primary east-west thoroughfare in the area experiencing traffic counts of 30,300 vehicles per day.\u00a0 The Rite Aid Pharmacy is located one mile west of Interstate 71 (61,550 VPD) with easy interchangeable access. The property is located near a number of national retailers such as The Home Depot, Giant Eagle Supermarket, Kmart and a number of national banks and quick service restaurants including Panera, Chick-Fil-A, and Dunkin\u2019.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction who was a midwest based real estate company. The buyer was a northeast based real estate investor.<\/p>\n
The Rite Aid lease has over 5 years remaining on their first renewal option period which expires December 31, 2025. The lease features seven 5-year renewal option periods remaining.\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
\u201cRite Aid 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 with solid real estate fundamentals to increase their investment returns.\u201d<\/p>\n