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Follow on Google News | Rival Drugstores Picking Up Steam In Net Lease WorldInvestors are starting to look at other options for pharmacy’s. Picking up steam is Fred’s & their GetWell concept. They offer investors a much higher yield and sometimes increases in the leases.
The recent sale of a portfolio of two Rite Aids in MA & NC 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 & 1500 MLK Prkwy. Wilson, NC. Both properties are NNN and have approximately ten 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. “Investors are starting to look at other options for pharmacy’s. 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 David Wells. “You’ll be surprised at what they’ve been up to.” For more information contact Hallie Glaze directly: hallie.glaze @wellsnetlease.com End
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