Laurens, S.C. – Transwestern’s Chicago office today announced it brokered the sale of a net-leased Rite Aid Drug Store property located at 501 N. Harper St. in Laurens, S.C. Rite Aid has six and a half years remaining on a 20-year lease term. The freestanding 10,908-square-foot building, situated on a 1.37-acre land parcel, was purchased for $2.3 million.
“This was a difficult sale due to the short lease term and tertiary market,” said Marc Imrem, managing director of Transwestern. “But we found a strong buyer that was able to leverage its relationship with the tenant in order to get comfortable and close the transaction.”
The seller, a private investor, was exclusively represented by Imrem. Andrew Watson, managing director at Transwestern, represented the buyer, a private investor group based in Texas.
The Chicago-based Net Lease/Sale Leaseback Team has a combined 24 years of experience. The team has completed more than $500 million in net lease sales in more than 150 transactions. The team covers markets in all 50 states and has experience in the sale of single assets and portfolio assets valued between $1 million and $50 million.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate.