Net Lease Press Releases
Triple Net Lease Brokers $2.3MM Purchase
of Net Lease Rite Aid
Calkain
Companies, a national real estate investment brokerage firm, successfully
completed a net lease transaction in which a private client acquired a property
leased to and operated as a Rite Aid (NYSE: RAD) pharmacy. The $2.3MM property
was located in Gastonia, NC and the purchaser was a private, mid-Atlantic real
estate investor. The 10,900 sf pharmacy building is leased to Rite Aid under a
long-term, triple net lease, which provides passive income for the investor.
Calkain’s
Andrew Fallon, Associate, facilitated the transaction, providing exclusive
representation to the Buyer. Pharmacies have long been a desired segment of the
net lease market, but Rite Aid properties have been scrutinized given the
company’s operating performance. Fallon
worked closely with the buyer and indicated that, “the investor did extensive
due diligence on this Rite Aid location, ensuring that the store was busy, had
excellent sales, and was on a strong corner.” The property is located at a signalized
corner across the street from a Walgreens, one of Rite Aid’s main competitors.
Fallon continues, “Within the net lease market, Rite Aid’s are offering an
inflated return to investors based on the perceived credit risk associated with
the tenant.” Even with the perceived risk, the purchaser was able to secure
competitive financing for the acquisition.
Rite Aid
operates approximately 4,700 pharmacies in 31 states and the District ofColumbia. Rite Aid is the largest drug store chain on the East Coast and the
third largest drugstore chain in the county.
Calkain
is a full service real estate investment brokerage firm with a national scope
focusing on single and multi -tenant retail, industrial, hotel and office
net-leased transactions as well as asset management, tax planning, and advisory
services. Calkain has offices in Reston,
VA (Washington, DC), Tampa, FL, Bethesda, MD, Wilmington, DE and Boston,
MA. Additional information about the
firm and its listings may be found at www.calkain.com
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