Ground Lease Rite Aid Sold

Net Lease Press Releases


Strong Buyer Demand Drives Sale of Rite Aid Ground Lease Sale in New Jersey

Calkain Companies’ Stan Wyrwicz and Mike O’Mara represented the seller in the sale of a Rite Aid Pharmacy ground lease in Vineland, NJ. The site houses a 14,600+/- SF building that are net leased to Rite Aid, which has been operating a pharmacy at that location since 2008. Wyrwicz commented, “We are seeing a strong demand from buyers looking for Rite Aid ground leases and pharmacies, which are a rare commodity. Cap rates on Rite Aid transactions have compressed quite a bit in the last year as a result of the continued progress in its financial turnaround.” The buyer was a private local investor. Jack A. Sattin of Market Development Group, LLC represented the buyer.

 

NOT SITE PHOTO

Calkain Companies is a boutique commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant retail, industrial, hotel and office net leased transactions. While licensed to conduct business in many states, Calkain has multiple office locations throughout the Mid-Atlantic, Southeast, Northeast and Midwest. Additional information about the firm and listings may be found at www.calkain.com.

Triple Net Lease Rite Aid Sold

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

Triple Net leased Rite Aid Pharmacy Sold

Net Leae 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.

NOT SITE PHOTO

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 of Columbia. 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.