Current Offerings and Transactions
3 Rite Aid Properties Available for Purchase
- Located in Findlay, OH (shown in photo), Louisville, OH and Louverne, TN
- All NNN 20 Year Leases with extensions and 16+ years remaining
- Cap Rates Approximately 9%, High performing new model stores
- Rent increases of 10% every 10 years of the lease
- Excellent investment opportunity with all maintenence and operating expenses the responsibility of the tenant.
REF is actively currently actively involved in the sale and refinancing of numerous Rite Aid properties for five different preferred developers and investors. At present, 9 propeties are either under executed Purchase and Sale Agreements or Letter of Interest, with an approximate value of $30 million.
2012 Transactions
Rite Aid: To date, we have closed on five Rite Aid Corporation property sales with an aggregate value of approximately $16 Million.
Patient First: Two Patient First Corporation sales transactions completed worth approximately $8 Million.
2011Transactions
Rite Aid: Assisted with the sale of three Rite Aid properties for an investor with approximate value of $7.5 Million. Two Rite Aid sale-leasebacks in Massachusetts closed in the 4th quarter with approximately $6 Million in net proceeds.
Patient First: Completed the sale of the York, PA Patient First for approximately $4 Million. Sale and lease restructure of a Patient First facility in Richmond, VA for $2 Million.
Tax Appeal Resultions: Completed successful tax appeals in VA, RI, CT, NH and NJ for tax savings over $400,000.
2010 Transactions
Rite Aid: Involved in a 5-store, approximately $15 Million "blend and extend" lease restructure involving properties in NY, PA, SC and NC. Completed a sale-leaseback transaction for a Portland, OR property with a value of $3 Million.
Patient First: Completed 3 sale-leasback transactions for two leasehold properties and one fee simple medical center in various VA locations. Total proceeds approximately $8 Million.
Tax Appeal Resultions: Completed successful tax appeals for tax savings over $250,000.
2009 Transactions
Rite Aid: Advised Rite Aid Corporation in the completion of two sale-leaseback transactions. Initiated real estate tax appeal work for stores in 8 states, several resulting in positive results with assessment decreases in excess of $1,000,000 for properties assessed at less than $5,000,000.
Patient First: REF assisted Patient First with the completion of two sale-leaseback transactions, as well as the successful negotiation of several ground leases for medical centers being built in 2010.
2008 and 2007 Transactions
Rite Aid: Advised Rite Aid Corporation in structuring a sale-leaseback transaction focusing on mature stores acquired through the 2007 Brooks/Eckerd acquisition. During 2008 and 2007, REF assisted Rite Aid Corporation in completing eight sale-leaseback transactions with five different investors covering 100 properties aggregating in excess of $300,000,000 of net proceeds.
Patient First: Advised Patient First Corporation in negotiation of five long-term ground leases which may be used in future sale-leaseback transactions. The Company plans to develop neighborhood medical centers at each location. During 2008 and 2007, REF assisted Patient First Corporation in completing two sale-leaseback transactions with two private investment investors for neighborhood medical centers located on ground leases with proceeds of $4,000,000.
Performance Food Group: Assisted Performance Food Group (PFG) in a substitution of properties, which they elected under an existing lease, in order to extinguish a PFG corporate guaranty on a property which was part of a division sold in 2005. In addition, REF arranged the simultaneous sale of the relinquished cold storage distribution center to an investor who was completing a section 1031 transaction. Both transactions closed in January 2007 with aggregate proceeds of $32,000,000.
Section 1031 Brokerage : During 2007, completed the sale of two Rite Aid drug stores and a fee simple ground lease with Home Depot to two section 1031 trade buyers for proceeds of approximately $25,000,000.