NEW YORK, Oct. 7, 2019 /PRNewswire/ — SAB Capital, a Manhattan-based investment sales firm, announces the sale of a single tenant net leased Rite Aid pharmacy in Sewell New Jersey. The 10,908 square foot pharmacy sits on a 3.48 acre parcel at a signalized intersection on Woodbury Glassboro Road, just 18 miles from Philadelphia.
The $2,750,000 sale of this Rite Aid signifies the ongoing hunt for yield continues, despite massive changes in the pharmacy retail sector and a limited growth plan for companies with challenging financial pictures like Rite Aid.
Facilitating the sale of this asset on both the buyer and seller’s behalf are Managing Partner, Preet Sabharwal and Senior Associate, Caroline Tierney – both investment sales professionals at SAB Capital.
“As the retail drug store sector continues to alter its footprint, we see no lack of desire for investors focused on demographically stable markets. Properties on signalized intersections with tenants paying below market rents tend to be sold in less than 60 days,” says Sabharwal when asked of how the drug store market for net lease is performing.
About Rite Aid
Rite Aid Corporation (”Rite Aid” or the ”Company”) is the third largest retail drugstore chain in the United States based on both revenues and number of stores. As of March 2, 2019, they operated 2,469 stores in 18 states across the country.
Rite Aid’s headquarters are located at 30 Hunter Lane, Camp Hill, Pennsylvania 17011. Their common stock is listed on the New York Stock Exchange under the trading symbol of ”RAD.” They were incorporated in 1968 and are a Delaware corporation.
About SAB Capital:
SAB Capital is a leading national investment Real Estate Firm dedicated to assisting clients in the acquisition and disposition of net-leased, industrial and sale-leaseback properties across the country as well as 1031 exchange advisory services. We provide brokerage expertise with the highest level of commitment and attention to detail, which ensures maximum yield and a faster turnaround time as each client is assisted and advised on strategic exit and entrance strategies aimed at achieving their investment goals.
SOURCE SAB Capital