Philadelphia, PA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the sale of a Rite Aid, located at 260 West Lehigh Avenue in Philadelphia, for $5.67M. The transaction was handled by Associate Courtney Haubach, Market Leader Bill Pedersen, and Executive Vice President Chad Kurz.
Matthews™ represented the buyer, an experienced investor with a robust portfolio of drugstore assets. Amid searching for an up-leg, the buyer received a stable and competitive product, a close that fit their 1031 deadline, plus a 5.75 percent cap rate.
“We were able to get this deal across the finish line efficiently and without challenges,” Haubach said. “Our buyer is a big drugstore owner and was motivated to secure the deal due to the strong demographics in the surrounding area.”
The seller, Rite Aid Corporate, was interested in completing a sale-leaseback. Utilizing Matthews’ comprehensive shared database, agents sourced a credible buyer willing to pay above market price. The property traded 15 basis points lower than the list price and received a timely 45-day close.
“The drugstore market has continued to perform post-COVID-19 and be a valuable asset for net lease investors,” Pedersen said. “This specific location offered many opportunities for our client, and we closed with great terms for both parties.”
For more information on this listing or to contact Courtney Haubach, Bill Pedersen, and Chad Kurz, please visit www.matthews.com.
About Matthews™
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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