Another blow for the Boston commercial RE market – Rite Aid
Another blow for the Boston commercial RE market – Rite Aid
Byline – By Andrew Asch
Another blow for the Boston commercial RE market – Rite Aid bankruptcy
Bankruptcy: Rite Aide | Ford Realty Inc.
The task of selling leases for bankrupt Rite Aid store locations began this week.
The publicly traded pharmacy chain has hired A&G Real Estate Partners to sell 78 leases for Rite Aid and its subsidiary Bartell Drugs across the nation.
Mike Matlat, A&G’s senior managing director, forecast a lot of retailers would take interest in the box stores that range from 6,400 square feet up to 37,154 square feet. “It includes dollar stores, gyms, grocers, specialty discount stores and fast-growing quick-serve restaurants,” Matlat said in a statement.
An A&G statement also guaranteed that the Rite Aid leases have 10 years or more remaining on their terms. The lengthy lease time should help sales, said Robert Coron, a broker and senior vice president with Kidder Mathews.
“The value of the lease is determined by a lot of factors. One is by how much term of the lease is left,” Coron said. “If I have five years or three years left, it is not worth anything.”
Source: The Real Deal
