Monday, August 3, 2015

Rite Aid Sells 2 Properties Lists 2 More

by Steve Lubetkin,
Rite Aid Pharmacy has sold two locations in Eastern Pennsylvania, one in Philadelphia and the other in Carlisle. The same medicine is in store for two other locations.

The first property, a 14,564 square foot store located at 4350 N. 5th Street in Philadelphia, was sold to a private buyer based in California. Esperanza, a non-profit, faith-based organization focusing on strengthening Hispanic communities. Rite Aid will continue to lease the site from the new owner. The property was sold at close to list price, though the specifics are not being disclosed at this time.

The second property, a 13,813 square foot site located at 429 S. Hanover Street in Carlisle, PA, was listed for a trust, and was sold for $5.02 million to H. Lipsitz Companies.

“Each of these properties were attractive in the marketplace and received significant activity. There was a competitive bidding process for both. The Philadelphia property’s sale was significant for several reasons, not least of which that it provided a capital boost that Esperanza can now use to further fund the important work it does for Hispanic communities in the region.”

“The Carlisle Rite Aid drew a great amount of interest, withs six competitive offers coming in.It’s in a great location, and it has 11 years remaining on a NNN lease, which is why it sold for list price.”

In addition to the two Rite Aids sold, Gorman and Shover are currently representing the listing of two additional Rite Aid locations in the region. The first is located at 5692 Rising Sun Avenue in a densely populated neighborhood of Northeast Philadelphia. The owner is seeking $5.1 million or a 6.5% cap rate. Rite Aid has 10 years remaining on a triple-net lease. The second store property for sale is 4011 William Penn Highway in Monroeville, PA. This is a strong retail corridor, and Rite Aid reports strong sales at this location. This location also has 10 years remaining on a triple-net lease. The listing price is $6.36 million or a 7.0% cap rate.

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