Plymouth Meeting, PA, July 1, 2021 – Equity Retail Brokers recently closed a single tenant net lease sale of a Rite Aid located on Baltimore Pike in Media, PA. Ed Ginn, Ken McEvoy, Ken Yanni, and Brianna Barratt represented the seller in the transaction. The purchaser is based locally in the Philadelphia area.
The subject property is an existing Rite Aid retail store that has operated at this location since 1999. The property benefits from its position in the market along a retail corridor, strong demographics and traffic count, and visibility at the signalized intersection of Baltimore Pike and Route 252 (Providence Road). Rite Aid continues to perform well and demonstrate a strong commitment to operating at this location.
Drug stores continue to show their demand as an essential business more than a year after the initial COVID-19 outbreak. Pandemic-proof tenant Rite Aid seeks new ways to drive growth and compete with big-box retailers and online pharmacies by offering new health-care services and perks for customers. Since the initial marketing campaign launched, there was strong demand for this asset from investors, both local and nationwide.
Since Equity Retail Brokers was founded over 25 years ago, we have set ourselves apart from other brokerages by providing clients with the highest price for their asset at the lowest transaction cost. While we strive to meet a client’s financial goals, we also pride ourselves on client – broker relationships that extend past the closing table.