We are happy to announce the recent sale of a long-term Rite Aid investment in Massena, NY. This transaction is another testament to the value of relationships, understanding of the real estate matter and the strength and utility of our database.

The Story

The seller was a long-time client of Zebra (previously AGM Net Lease) with whom the last deal we completed was in 2014. We kept educating and advising the client on their portfolio each year thus empowering them to feel confident the decisions they make are fully informed. Last year, we realized it was a perfect time to sell, however in order to maximize the value we had to extend the lease at favorable terms. After completing the analysis, we engaged into discussions with Rite Aid. Utilizing Placer.ai data, we learned the store was an excellent performer and that we had high leverage which helped us receive an executed lease amendment extending the lease out to 12 years only a few months after.

We procured multiple offers and met with a local investor whom the deal was awarded to. Unfortunately, due to their foreign nationality, issues arose during the financing process and the deal was dropped after the contingencies were removed. The client was protected with the non-refundable deposit which was released to them, however they needed to close ASAP due to their upleg deal pending. We dove into our database and reached out to a close NYC client who came in aggressively and executed on the purchase without hesitation in a quick closing.