BOSTON, MA— September 3, 2015—Carpe Diem Management, LLC has purchased a single tenant building, occupied by Rite-Aid Pharmacy for $5,000,000. The building sale, located at 1329 Hyde Park Avenue in Boston, Massachusetts, had 13 years remaining on its original 20-year absolute triple net (NNN) lease with Rite-Aid at the time of the sale.
“The seller, Hyde Park Realty Trust, chose to sell their property now in order to take advantage of the current seller’s market and to capitalize on the compressing cap rates for Rite Aid investments today,” stated Ryan Bennett of the Net Leased Investment Team with Lee & Associates – North San Diego County. Bennett along with business partner, Ryan Barr, represented the seller in the transaction.
Barr added, “The property, which sold at a market low cap rate for a Rite Aid of 5.48%, was a well-located urban infill location adjacent to the Hyde Park commuter rail station. This type of institutional quality real estate in the Boston market is rare and in high demand”.
Barr & Bennett Net Leased Investment Group, of Lee & Associates-North San Diego County, specialize in the acquisition and disposition of net leased assets nationwide.