MIDDLETOWN, NY-Marcus & Millichap Real Estate Investment Services has brokered the sale of 88-98 Dolson Ave., a new 20-year double net leased Rite Aid store here. 293 Tenth Avenue Corp., described for Marcus & Millichap officials as a New York area 1031 exchange buyer, acquired the Orange County property for $7.9 million or $540.72 per sf at a cap rate of 7.3% from Dolson Associates Management.

Rite-Aid relocated from nearby Shop Rite Plaza to the recently completed 14,564-sf prototype store. Dean Zang, a senior associate, and Mark Taylor, a senior investment associate, with Marcus & Millichap's Philadelphia office represented the seller. Shlomo Manne, senior associate with the firm's Manhattan office, secured the buyer in the transaction.

The new Rite Aid store is near several large neighborhood shopping centers including Shop Rite Plaza and Playtogs Plaza, which is anchored by a National Wholesale Liquidators. However, Marcus & Millichap officials say that the area has limited pharmacy competition.

Zang says the new store is one of several new prototype stores being introduced by Rite Aid across the country. He adds that at the moment, while some investment sectors have slowed, "There is an aggressive pool of buyers for Rite Aid net leased stores." The firm has a number of Rite Aid net leased listings that are attracting multiple offers, Zang notes.