Rite Aid to Sell 79 Additional Leases as Part of Bankruptcy Restructuring

The sale of additional pharmacy leases marks another step in the financial restructuring of Rite Aid.

Estimated read time: 3 minutes and 36 seconds

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  • RITE AID: A&G Real Estate Partners markets additional pharmacy leases as part of Rite Aid's ongoing financial restructuring.

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79? WHY NOT 69

Rite Aid to Sell 79 Additional Pharmacy Leases as Part of Bankruptcy Restructuring (Read Here)

Rite Aid

RITE AID: A&G Real Estate Partners markets additional pharmacy leases as part of Rite Aid's ongoing financial restructuring.

A&G to Market More Leases: A&G is set to market a group of 79 Rite Aid store leases, pending court approval, in addition to the 92 leases already made available on November 15, 2023.

Key Points:

  • Lease Details: The leases range from 5,502 to 31,468 sq. ft. and include freestanding locations, strip/power centers, and central business districts.

  • Marketing Progress: A&G has already marketed 180 Rite Aid and Bartell Drugs leases.

  • Ongoing Negotiations: The total number of leases to be marketed depends on negotiations between A&G and Rite Aid landlords.

  • Rite Aid's Strategy: Rite Aid aims to reduce rent expenses and optimize its portfolio to strengthen its overall financial position.

  • Lease Availability: All the leases being marketed have more than 10 years of remaining term.

  • Locations: The newly available leases are located in California, Connecticut, Maryland, Michigan, New Jersey, New York, Ohio, Oregon, Pennsylvania, Virginia, and Washington.

🧠 EDITOR’S THOUGHTS

Trappin’ Ain’t Easy: Although pharmacy net leased properties are facing many challenges today, they remain a popular asset in the net lease market due to their inherent real estate fundamentals. They’ve typically got large lots on busy, corner locations. Unfortunately, those long-term NNN leases with rental increases are losing value and many retailers want smaller-footprint prototype stores nowadays.

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