Northbrook, IL – April 6, 2016 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant ALDI ground lease located at 5811 High Street in Portsmouth, VA for $3,280,000.
The ALDI property is strategically located in the Norfolk MSA across the street from a Harris Teeter grocery anchored center and adjacent to a brand new CVS. The property is located along High Street which is a primary east-west thoroughfare in the trade area. There are over 65,000 people living within a three mile radius of the property.
The new ALDI ground lease is for twenty years and rent commenced in November 2015. The ground lease features rental escalations throughout the primary term and absolutely no landlord responsibilities. There are five 5-year renewal option periods.