Newport Beach, CA (April 11, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $6 million sale of a single-tenant 17,272-square-foot freestanding property fully occupied by Rite Aid located at 27000 Miller Bay Road NE in Kingston, WA. The property features a corporate guaranteed triple-net lease by Rite Aid Corporation with nine years remaining.
SRS’ National Net Lease Group First Vice President Ryan Tomkins represented the seller, a U.S.-based investment fund. The buyer was a California-based family office.
“This property offers the buyer a strong retail brand adjacent to an Albertsons-anchored retail center in a market where barriers to entry are very high,” said Tomkins. “Additionally, this Rite Aid is one of only two pharmacies within a large radius, making it a successful location for Rite Aid.”
Built in 2007, the property is situated on 2.16 acres and includes a drive-thru. It is well-located at a signalized intersection of Miller Bay Road NE and State Route 104.
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.