Northbrook, IL – September 30, 2016 – (RealEstateRama) – The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Rite Aid property located at 8230 Cazenovia Road in Manlius, New York for $3,800,000.
The 12,795 square foot Rite Aid property is strategically positioned along Cazenovia Road which is a primary north-south thoroughfare in the trade area. The Rite Aid is positioned just south of the signalized intersection of Cazenovia Road and Enders Road. The surrounding area is affluent with average household incomes of $150,000 within a one mile radius of the property. This Rite Aid store is a strategically located property with the closest Walgreens positioned over 11 miles away.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; an East Coast based partnership of high net worth individuals. The purchaser was an East Coast based investor in a 1031 Exchange.
There are over ten years remaining on the Rite Aid lease which expires in February 2027. The lease features a 7% rental escalation in the first renewal option period and 10% rental escalations in each of the remaining five renewal option periods. Rite Aid operates approximately 4,600 stores in 31 states of the United States and the District of Columbia. The company sells prescription drugs and a range of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.
“Net lease Rite Aid properties are highly sought after amongst high yield investors.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Established properties with proven operating histories continue to garner significant investor interest.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, 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.
The Boulder Group