The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Rite Aid property located at 8110 Mallard Creek Road in Charlotte, North Carolina for $4,320,000.
The Rite Aid property is strategically located at the signalized intersection of North Carolina Highway 24 and Mallard Creek Road. The Rite Aid is positioned across the street from a Harris Teeter grocery store and approximately three miles from the University of North Carolina-Charlotte. There are over 174,000 people living within a five mile radius of the property.
Randy Blankstein and John Feeney of The Boulder Group represented the purchaser and seller in the transaction. The purchaser was a Midwest based private investor in a 1031 Exchange and the seller was an East Coast based developer.
There are approximately five years remaining on the Rite Aid lease which expires in September 2020. The absolute triple net lease features four 5-year renewal option periods. Rite Aid is a publicly traded company with a market capitalization in excess of $8 billion.
“Well located single tenant assets with solid real estate fundamentals continue to be in the greatest demand.” said Randy Blankstein, President of The Boulder Group. John Feeney, Vice President of The Boulder Group, added, “Net lease properties with strong residual real estate value are highly sought after amongst the investment community.”
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 2010-2014, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:666 Dundee Road, Suite 1801
Country: United States