19 Big A Drug Store Leases Go Out for Bid

SOUTH GATE, CA-Today, a US bankruptcy judge in Los Angeles is expected to approve an auction of leases for 19 drug stores owned by locally based Big A Drug Stores Inc. The owner filed for Chapter 11 bankruptcy protection on Nov. 19 and has enlisted Melville, NY-based DJM Realty to manage the disposition of the leases.

The chain includes 13 stores under the Drug Emporium name, two each under the Big A and Drug Barn nameplates and one each under the Camelot Drugs and Drug Fair brands. All are located in California and the portfolio has an aggregate of 433,142 sf.

The units range in size between approximately 10,000 sf and 31,800 sf. Lease terms and rent rates vary. As an example, the base rent of the largest unit, a 31,800-sf Drug Emporium in Fullerton, is $11.48 per sf, and the lease expires on Dec. 11, 2008 with one five-year extension option. Base rent for a 27,750-sf Drug Emporium in Anaheim is $9.48 per sf, and the lease expires March 31, 2009.