CHARLOTTE, NC-Demonstrating the appetite of some investors for higher-risk ventures, a Rite Aid in Gastonia has traded for $2.3 million. Although there were CVS and Walgreens pharmacies on the market, the private, Mid-Atlantic real estate investor chose Rite Aid in hopes of driving higher yields.
Calkain Cos. brokered the transaction of the 10,900-square-foot pharmacy building that’s leased to Rite Aid under a long-term, triple net lease. Calkain associate Andrew Fallon exclusively represented the buyer.
“Rite Aid doesn’t have the same creditworthiness as a Walgreens or CVS in the current market,” Fallon tells GlobeSt.com. “So there was a significant amount of underwriting in terms of the real estate and understanding specific store performance.”
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