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| Rite Aid Pharmacy, 21 Columbia Street, Adams, MA |
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| David Wells |
MIAMI, FL -- The recent sale of a portfolio of two Rite
Aids in Massachusetts and North Carolina by a national REIT based out of New York represents a trend in the
single-tenant net lease world. The
transaction was all cash and represented a combined 8.84% cap rate.
The buyer was American Realty Income Trust the seller was a
private individual investor based in the Northeast.
The properties are located at 21 Columbia Street, Adams, MA
and 1500 Martin Luther King Jr. Parkway southeast, Wilson, NC.
Both properties are NNN and have approximately 10 years or
more remaining on their lease terms.
The seller was represented by David Wells of the Wells Net Lease
Group based out of Naples, FL. The
buyer was represented by Kase Abusharkh of the Kase Group of SVN based
out of California.
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| Kase Abusharkh |
“Investors are
starting to look at other options for pharmacies,” says Wells. “Walgreens and CVS are wonderful stores and
do excellent business by there are competitors moving in.
“Rite Aids are in hot demand and another player that is just
under the radar but picking up steam is Fred’s and their GetWell concept. They offer investors a much higher yield and
some times increases in the leases, instead of the flat lease structure of the
Walgreens and CVS.”
Adds Wells, “As an investor I would recommend balancing a
drugstore portfolio with both.”
The properties were on the market for approximately three weeks
as the seller fielded offers and closed within two months of going into
contract.
"Rite Aid has an S&P credit rating of B-, shy of
investment grade, but check out their balance sheet." says Wells.
“You’ll be surprised at what they’ve been up to.”
For more information, contact Hallie Glaze directly:
David Wells
Wells Net Lease Group
(o) 239-248-8614
(c) 305.498.6095
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