PHILADELPHIA, PA–CBRE prescribed a sale for two Rite Aid Pharmacy locations in Eastern Pennsylvania, one in Philadelphia and the other in Carlisle. And the same medicine is in store for two other locations that CBRE is listing.
The first property, a 14,564 square foot store located at 4350 N. 5th Street in Philadelphia, was sold to a private buyer based in California. The CBRE team of Matthew Gorman and Michael Shover represented the seller, Esperanza, a non-profit, faith-based organization focusing on strengthening Hispanic communities. Rite Aid will continue to lease the site from the new owner. The property was sold at close to list price, though the specifics are not being disclosed at this time.
The second property, a 13,813 square foot site located at 429 S. Hanover Street in Carlisle, PA, was listed for a trust, and was sold for $5.02 million to H. Lipsitz Companies. Gorman and Shover represented both parties in this transaction.
“Each of these properties were attractive in the marketplace and received significant activity. There was a competitive bidding process for both,” says Shover, senior vice president with CBRE's Retail Investment Properties team. “The Philadelphia property's sale was significant for several reasons, not least of which that it provided a capital boost that Esperanza can now use to further fund the important work it does for Hispanic communities in the region.”
“The Carlisle Rite Aid drew a great amount of interest, withs six competitive offers coming in,” says Gorman. “It's in a great location, and it has 11 years remaining on a NNN lease, which is why it sold for list price.”
In addition to the two Rite Aids sold, Gorman and Shover are currently representing the listing of two additional Rite Aid locations in the region. The first is located at 5692 Rising Sun Avenue in a densely populated neighborhood of Northeast Philadelphia. The owner is seeking $5.1 million or a 6.5% cap rate. Rite Aid has 10 years remaining on a triple-net lease. The second store property for sale is 4011 William Penn Highway in Monroeville, PA. This is a strong retail corridor, and Rite Aid reports strong sales at this location. This location also has 10 years remaining on a triple-net lease. The listing price is $6.36 million or a 7.0% cap rate.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
