Pharmacy NNN
Walgreens, CVS and Rite Aid net lease properties for sale
Pharmacy is a consolidating sector, which makes it a market where information is worth more than optimism. We have closed Rite Aid and CVS assets through the exact conditions buyers are worried about now, and the work is unglamorous: which stores survive a merger, what the remaining term is really worth against a landlord termination right, and how a dark-store scenario prices. We would rather tell an owner the number is lower than they hoped than list an asset that does not trade.
- $12M
- Closed volume, published
- 4
- Closed transactions
- 3
- States
Closed in this practice
Available now
| Property | Market | Price | Cap | Term | Status |
|---|---|---|---|---|---|
| Rite Aid | Lapeer, MI | $3,100,000 | 7.90% | 6.8 yr | Pending |
How we underwrite the credit
Tenant credit and guaranty
Corporate versus franchisee, and what the guarantor’s financials actually show. A large multi-unit operator who will open their books can price inside a weak corporate credit; one who will not price as though the guaranty were absent.
Term remaining and escalations
Term sets the floor on your exit. Escalations set your yield on cost when you get there. A flat lease is a bond that loses to inflation every year you hold it.
Store-level intelligence
Closure signals and store-count movement, tracked because they move before public announcements do. A lease with eight years left on an underperforming store is a different asset from the same lease on a top-quartile one.
Who to call
Direct line pending roster confirmation — this is the main office number.
Common questions
- What happens to a pharmacy NNN when the tenant consolidates?
- Two stores become one, and the question is which. Overlap analysis is the whole exercise: distance to the nearest sibling store, relative prescription volume, lease economics on both. A store that is the survivor in its own overlap is a materially different asset from one that is not.
- How do you price remaining term against a termination right?
- You price to the earliest date the tenant can walk, not the lease expiry. Buyers who price to expiry on a lease with early-termination language are buying a shorter asset than they think they are.
- Is a dark pharmacy box financeable?
- Sometimes, at a very different basis. The building is deep, single-use and usually oversized for the next tenant. We underwrite the re-tenanting cost explicitly rather than assuming the rent continues.
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