Vacant Rite Aid Property Sells for $1,580,000 in Canton, OH

Unique Opportunity Amid Market Challenges

On October 1, 2024, Matthews™ successfully sold a vacant Rite Aid property in Canton, Ohio for $1,580,000. This transaction presented several challenges, but through strategic market navigating and diligent efforts, favorable outcomes were achieved.

Sale Details

• Property Type: Vacant Single Tenant Drugstore
• Square Footage: 10,258
• Sale Price: $1,580,000
• Price/SF: $158.02

Property Details

The asset was a vacant Rite Aid location which had recently become available after the company declared bankruptcy and vacated the premises. The urgency of selling was heightened by the significant increase in competing vacancies in the market due to widespread store closures across Ohio and Michigan.

The Opportunity/Challenge

The seller, 12th and Market, LLC, initially opted not to sell during the 2022/early 2023 period, choosing to refinance the asset instead. However, after the Rite Aid bankruptcy and subsequent lease rejection, the seller wanted to relinquish the property as fast as possible to avoid ongoing losses. The market quickly flooded with similar listings, creating a pressing need for a swift transaction. The seller’s goal included quickly paying off the loan she put on the property and minimizing further out-of-pocket mortgage expenses.

The Strategy

The Matthews™ agent, Antonio Sibbio, utilized the Matthews™ database and strong market relationships to generate interest from multiple parties. Ultimately selecting the best end buyer, an owner-user, at the highest price. By leveraging the other interested parties, Sibbio was able to significantly shorten the due diligence and closing windows for the buyer in the contract terms. This was then further shortened when Sibbio was able to provide all diligence documentation compiled during the loan process in April the previous year, driving the escrow toward closing significantly sooner than required.

A Successful Result

The sale marked the first vacant Rite Aid transaction in Ohio since the bankruptcy, with the sale achieving 83% of the final list price. The timeline from the effective date of the purchase and sale agreement (PSA) to closing was just 32 days, with no re-trades, an immense level of transaction control.

This transaction highlights Sibbio’s commitment to meeting client goals amidst challenging market conditions. His ability to swiftly connect with a suitable buyer and facilitate a smooth process underscores the value of hiring an experienced broker.

Client Testimonial

“I got 83% of my list price on this empty piece of commercial real estate in Canton, OH. We were fortunate to find an end-user, but that’s also thanks to having a great broker. Shout out to Antonio; you did an amazing job! Happy to refer anyone in the Ohio area looking for a great commercial broker—he’s incredible and does things all across the country.”