Equity Retail Brokers is pleased to offer for sale a portfolio of Rite Aid Pharmacies located in Pennsylvania. 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.
- Portfolio includes four Rite Aid locations in Eastern Pennsylvania, including Philadelphia and Harrisburg.
- Each location has an absolute NNN lease which expires on January 31, 2029.
- Fifteen year lease extensions were signed for all locations on 1/1/2014.
- Average rent per square foot is $12.97, which is significantly lower than comparable drug store locations.
- Recent remodels made to update stores to Rite Aid’s “Wellness” format.
- Properties are cross-collateralized with an attractive loan where investors will see strong cash-on-cash returns.
- Ideal for 1031 exchange buyers looking to leverage proceeds into multiple proven performing assets.