SAN DIEGO-The recent sales of two net-leased Rite-Aid sites demonstrate the demand for net-leased assets in good locations despite hurdles such as the drug chain's poor credit rating and recent store closings, according to a Marcus & Millichap senior vice president who arranged the sales. Alvin Mansour, an SVP and senior director of Marcus & Millichap’s National Retail Group, reports that the properties that sold are in the Inland Empire city of Wildomar and in San Diego.

The Rite Aid in Wildomar was sold by a developer to a private investor. Mansour also negotiated the sale of a Rite Aid in San Diego to a private investor. The seller was a family trust. Mansour represented both the seller and buyer in the two separate transactions. The properties traded for a total of nearly $6.5 million. Mansour says the buyers were "two private investors who understood the value of acquiring well located, single-tenant assets in Southern California."

Mansour's other recent net-leased transactions include the sale of a portfolio of three single-tenant net-leased 7-Eleven stores located in the Dallas/Fort Worth Metroplex that traded for a combined $6.4 million.

The buyer of the portfolio was in a 1031 exchange and closed the deal all-cash within six days of signing the contract, Mansour notes. All three of the properties have 15-year corporate-backed leases remaining.