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Kevin Fryman Fryman: “We are seeing a difference of 100 basis points between the daily-needs driven shopping center versus the experiential retail anchored centers—this is quite significant.”

CORONA DEL MAR, CA—Like with any merger, consolidation creates vacancies, but same-location stores are not a guarantee if and when the impending merger between Rite Aid and Walgreens is approved by the FTC and finalized, Hanley Investment Group’s EVP Kevin Fryman tells GlobeSt.com. Combined, Walgreens/Rite Aid would have a reported 46% US market share.

Fryman recently represented the seller, Parkcrest Construction Inc. A Real Estate Development Co., of Ontario, CA, in the sale of a new single-tenant, absolute-net-lease Rite Aid property at 28995 Newport Rd. in Menifee, CA. The purchase price was $9 million, which represented a cap rate of 4.72%. Fryman says, “The sale of the Rite Aid represents the lowest cap rate for a single-tenant Rite Aid in the Inland Empire ever. It was also one of the lowest cap rates for a fee-simple Rite Aid nationwide.” The buyer, a private investor, was represented by Ron Duong, first VP investments of Marcus & Millichap of Newport Beach, CA.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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