TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
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The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
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It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
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It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
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It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
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A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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November 6, 2023
Source: A&G Real Estate Partners
Latest offering to comprise 92 store leases across eight states, with more dispositions to follow
PHILADELPHIA, November 6, 2023 — A&G Real Estate Partners, in its capacity as real estate advisor to Rite Aid Corporation (“Rite Aid” or the “Company”), today announced plans to market for sale a second tranche of neighborhood pharmacy leases, pending approval by the U.S. Bankruptcy Court for the District of New Jersey.
The tranche comprises 92 leases, which will be available in private sales, pending court approval, as part of Rite Aid’s financial restructuring process. The Company is working collaboratively with its financial stakeholders to reduce its debt and better position its business for long-term success. As part of this, Rite Aid is continuing to assess its property portfolio and will close additional stores to optimize its real estate footprint and improve its overall financial performance. This newest grouping of leases follows A&G’s prior offerings announced on Oct. 17, 2023.
“The lack of new build of this type of product is driving demand for these leases,” said Andy Graiser, Co-President of New York-based A&G. “We continue to be pleased by the strong interest we are receiving across the country from potential replacement users.”
Including options, all leases being marketed by Rite Aid—the third-largest drugstore chain in the United States—boast more than 10 years of remaining term. The newly available leases are located in the following eight states:
• California (17)
• Maryland (6)
• Michigan (22)
• New Jersey (7)
• New York (11)
• Ohio (2)
• Pennsylvania (17)
• Washington (6 Bartell Drugs, 4 Rite Aid)
The stores range from 5,000 to 33,548 square feet. The highly visible sites include 53 freestanding locations, all but nine of which offer attached one- or two-lane drive-throughs, as well as 36 stores located in strip or power centers. Three of the locations are in central business districts.
As the Company’s restructuring process moves forward, A&G will market additional leases, with the total number depending on the outcome of ongoing negotiations between A&G and Rite Aid landlords.
“In consultation with A&G, Rite Aid is working to strengthen its overall financial position by reducing its rent expenses and optimizing its portfolio,” Graiser said. “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.”
For additional details, visit https://www.agrep.com/rite-aid and/or contact Mike Matlat, (631) 465-9508, mike@agrep.com, or Todd Eyler, (914) 325-1602, todd@agrep.com.
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Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700, elisa@jaffecom.com.
PHILADELPHIA, November 6, 2023 — A&G Real Estate Partners, in its capacity as real estate advisor to Rite Aid Corporation (“Rite Aid” or the “Company”), today announced plans to market for sale a second tranche of neighborhood pharmacy leases, pending approval by the U.S. Bankruptcy Court for the District of New Jersey.
The tranche comprises 92 leases, which will be available in private sales, pending court approval, as part of Rite Aid’s financial restructuring process. The Company is working collaboratively with its financial stakeholders to reduce its debt and better position its business for long-term success. As part of this, Rite Aid is continuing to assess its property portfolio and will close additional stores to optimize its real estate footprint and improve its overall financial performance. This newest grouping of leases follows A&G’s prior offerings announced on Oct. 17, 2023.
“The lack of new build of this type of product is driving demand for these leases,” said Andy Graiser, Co-President of New York-based A&G. “We continue to be pleased by the strong interest we are receiving across the country from potential replacement users.”
Including options, all leases being marketed by Rite Aid—the third-largest drugstore chain in the United States—boast more than 10 years of remaining term. The newly available leases are located in the following eight states:
• California (17)
• Maryland (6)
• Michigan (22)
• New Jersey (7)
• New York (11)
• Ohio (2)
• Pennsylvania (17)
• Washington (6 Bartell Drugs, 4 Rite Aid)
The stores range from 5,000 to 33,548 square feet. The highly visible sites include 53 freestanding locations, all but nine of which offer attached one- or two-lane drive-throughs, as well as 36 stores located in strip or power centers. Three of the locations are in central business districts.
As the Company’s restructuring process moves forward, A&G will market additional leases, with the total number depending on the outcome of ongoing negotiations between A&G and Rite Aid landlords.
“In consultation with A&G, Rite Aid is working to strengthen its overall financial position by reducing its rent expenses and optimizing its portfolio,” Graiser said. “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.”
For additional details, visit https://www.agrep.com/rite-aid and/or contact Mike Matlat, (631) 465-9508, mike@agrep.com, or Todd Eyler, (914) 325-1602, todd@agrep.com.
####
Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700, elisa@jaffecom.com.
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