A&G Real Estate Partners, in its capacity as real estate advisor to Rite Aid Corp. (OTC:RADCQ), announced plans to market for sale an additional tranche of neighborhood pharmacy leases, pending approval by the U.S. Bankruptcy Court for the District of New Jersey.
The latest grouping comprises 79 store leases in 11 states that will be made available in private sales, pending court approval. This tranche follows the 92 store leases that became available on Nov. 15. To date, A&G has marketed 180 Rite Aid and Bartell Drugs leases, and 73 of which have been removed due to a sale or rejection of the lease.
Rite Aid, which was founded in 1962, filed for bankruptcy in October. At the time of its filing, the chain operated 2,100 stores in 17 states.
A&G stated that it would continue to market previously announced Rite Aid leases and fee-owned properties.
“The fee-owned properties have generated strong interest among investors and operators across the country,” said Andy Graiser, co-president of Melville, New York-based A&G. “We continue to entertain offers on these locations. In consultation with A&G, Rite Aid is working to strengthen its overall financial position by reducing its rent expenses and optimizing its portfolio. As it does so, other retailers and investors are now able to acquire leases and properties that once were out of reach locations, in attractive markets across the United States.”
Photo by Mike Mozart / Flickr Creative Commons
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