Walgreens / Rite Aid Portfolio

Four Properties in New York / West Virginia
Offering Memorandum
Walgreens / Rite Aid Portfolio
Free Standing Drug Store Properties
Property Details
Equity Retail Brokers is pleased to offer for sale a portfolio of Rite Aid Pharmacies, three of which have been purchased by Walgreens (West Virginia locations). The subject properties are located in New York and West Virginia. All subject properties are 100% leased to Rite Aid and are operating under recently extended NNN leases.  The portfolio is being sold as package, with the in-place financing.
Investment Highlights
  • Portfolio includes three Walgreens and one Rite Aid – the Walgreens are located in West Virginia and the Rite Aid is located in Buffalo, NY.
  • Walgreens has purchased the three locations in West Virginia from Rite Aid, and the leases are now guaranteed by Walgreens Corporate (S&P: BBB).
  • Each location is subject to a NN lease that expires in February 2029.
  • Fifteen year lease extensions were signed for all locations in 2014.
  • Average rent per square foot is $12.44, which is significantly lower than comparable drug store locations
  • Properties are cross-collateralized with an attractive loan (well below current market rates) where investors will see double digit cash-on-cash returns.
  • Ideal for 1031 exchange buyers looking to leverage proceeds into multiple proven performing assets with strong rent-to-sales ratios.
Contact

Ken Yanni

484.417.2223
kyanni@equityretailbrokers.com

Shane Dolan

484.482.2544
sdolan@equityretailbrokers.com

Jabe Companies

West Virginia License: #RM420700

Ed Ginn

484.417.2201
eginn@equityretailbrokers.com

Bart Delfiner

484.417.2217
bdelfiner@equityretailbrokers.com

Heights Properties

NY License #37KA0902779