— Total of 55 Rite Aid leases and 24 fee-owned properties now available across the country in connection with drugstore chain’s financial restructuring
PHILADELPHIA, Jan. 16, 2024 /PRNewswire/ — A&G Real Estate Partners, in its capacity as real estate advisor to Rite Aid Corporation (“Rite Aid” or the “Company”), today announced plans to market for sale an additional tranche of neighborhood pharmacy leases and fee-owned properties, pending approval by the U.S. Bankruptcy Court for the District of New Jersey.
Eight additional store leases will be made available in private sales, pending court approval, in Washington, Pennsylvania (two stores), New York, New Hampshire, Maryland, Massachusetts and California. A&G also announced plans to market newly available, fee-owned buildings and land in Washington state and California, as well as a land-only parcel in Ashtabula, Ohio. The fee-owned properties in Washington and California boast large parking lots with easements to adjacent retail centers/anchors.
“In all, we are marketing 24 fee-owned properties, including both land parcels and stores, in these private sales, and 55 new and previously announced retail leases,” said Mike Matlat, a Senior Managing Director and real estate sales veteran at New York-based A&G. “It’s a tremendous opportunity for operators and investors.”
Rite Aid is working collaboratively with its financial stakeholders to reduce its debt and better position its business for long-term success. As part of this process, the Company continues to assess its property portfolio and may close additional stores to optimize its real estate footprint and improve its overall financial performance.
Including options, all leases being marketed by Rite Aid—the third-largest drugstore chain in the United States—boast more than 10 years of remaining term. The new and previously announced offerings include freestanding stores as well as those in strip centers, power centers and central business districts.
“The majority of the available stores offer drive-thru lanes—an important benefit for the QSR and other operators that are interested in these high-visibility locations,” noted Todd Eyler, an A&G Senior Managing Director and leader of the firm’s valuation practice. “Retailers and investors should stay tuned for further announcements, as A&G may be marketing additional Rite Aid leases, pending court approval and the outcome of ongoing negotiations between A&G and landlords.”
Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700, [email protected].
SOURCE A&G Real Estate Partners
Originally published at https://www.prnewswire.com/news-releases/ag-plans-to-offer-eight-additional-rite-aid-store-leases-and-three-new-fee-owned-properties-302035126.html
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