December 2, 2021 – Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay have successfully completed the sale of Rite Aid in Harrisburg, Pennsylvania. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,440,000.
Rite Aid is located at 1941 Derry Street in Harrisburg, Pennsylvania. Built as a free-standing store in 1995, the Property consists of 10,250 square feet at the intersection of Derry Street and S 20th Street. Rite Aid demonstrated their commitment to this location and the market by executing a new lease extension. Rite Aid has 10+ years remaining on their Absolute NNN Lease with three (3), 5-year renewal options. The Lease calls for scheduled rent increases at the start of each of their renewal options, and is fully guaranteed by Rite Aid Corporation. The Property offers easy access from both Derry Street and S 20th Street in the densely populated Allison Hill neighborhood of Harrisburg, and is located ½-mile from Interstate 83 and 1.5 miles east of downtown Harrisburg. Additional retailers, attractions and employers drawing consumers to the trade area include the Melrose School, Scott Elementary School, Reservoir Park, the Harrisburg Mall, Giant Food Stores, Family Dollar, Dollar Tree, McDonald’s, Burger King, Domino’s Pizza, and numerous local restaurants and retailers.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.