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Volume 4 - Number 17 | September 5, 2006
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TOP STORY: Rite Aid Bolsters Third Place Standing With $3B Deal
By Michelle Napoli
The country’s third-largest chain of drugstores--one of the most sought-after property types in the net lease market--will boost its standing and size with a deal for the US assets of a Canadian retailer valued at approximately $3.4 billion.
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REIT Report: With New CEO at Helm, AFR Sticks to Net Lease Roots
By Michelle Napoli
After market watchers wondered for months just what might become of American Financial Realty Trust's strategic review, the REIT surprised some who were expecting a go-private buyout transaction when it announced on Aug. 17 that founding president, CEO and vice chairman Nicholas S. Schorsch resigned.
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Restaurant Sector Update: Realty Income Nabs Latest Portfolio Deal
By Michelle Napoli
Restaurant properties continue to be a focus for both portfolio and individual property buyers in the net lease marketplace. Smaller properties are especially popular since they enjoy a large buying audience in 1031 circles. One recent deal that fits the bill is Pizza Hut franchisee NPC International Inc.’s agreement to sell an 89-property package to Realty Income Corp. for $59 million.
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DataPoints: Net Lease Drugstore Properties
The number of net-leased drugstore properties available for purchase is up significantly, rising by 70% in the past year to 921 assets, according to a market report released this summer by Northbrook, IL-based the Boulder Group. These properties had a cumulative value of more than $4.8 billion, compared to $2.3 billion when the company penned a similar report on the drugstore property sector in 2005.
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