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New Rite Aid Finds Cash 1031-Exchange Buyer

GREENVILLE, PA-Rite Aid signs a 20-year lease with six five-year options for the 11,157-sf building, which sold for $4.4 million.

By Marita Thomas | Updated on February 26, 2008

GREENVILLE, PA-Greenville Commercial Properties LP has sold the newly completed 11,157-sf single-tenant building at 335 Main St. for $4.4 million. The property has a new 20-year absolute-net lease with Rite Aid under an agreement that includes six options of five years each.

Dean Zang and Mark Taylor of the Taylor-Zang retail group in the Philadelphia office of Marcus & Millichap, and Thomas Gorman and Matthew Gorman of the Gorman retail group in the same office, represented both the seller and the buyer. The buyer is Deer Park Realty Co. LLC, based in Deer Park, NY, which paid cash in a 1031 exchange.

“We were pleased to get a cash buyer,” Zang tells GlobeSt.com. The property was listed in Nov. 2007, and after just two weeks, the M&M team had a letter of intent from the buyer. The buyer signed an agreement of sale and went to closing within 51 days.

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