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