Challenge

Rite Aid is recognized as the largest drugstore chain on the East Coast and the third-largest in the United States. This extremely well-placed property is located on one of the most highly trafficked corners in the heart of the City of Canton, being seen by 23,000 cars per day. Additionally, the store is only 1.5 miles from the I-77 interstate and is near the Canton Museum of Art, Canton Memorial Civic Center, the Cultural Center for the Arts, the ArtsinStark Education Center, several churches and other religious organizations, abundant dining options, and countless other retailers. This store features a rare double-lane drive-thru, over 50 parking spaces, three points of ingress/egress, and an Amazon Hub Counter.

Throughout the deal, challenges emerged with selling the property, notably the rapidly shifting macro sales environment and a downward movement in tenant credit. Furthermore, the agent was challenged with two bank liens on the property that the seller was unaware of from previous ownership and were never removed from the title. These factors required careful navigation and adaptability to market conditions. However, strategic measures were implemented by Matthews™ agents Antonio Sibbio and Jonah Yulish to address these challenges and ensure a successful outcome for the seller who was looking to cash out.

Strategy

To overcome the challenges, the agents implemented a proactive strategy of staying one step ahead of the market’s changing landscapes by deciding in conjunction with the seller to pivot and begin sourcing refinance options. Leveraging the extensive network of buyers in the Matthews™ database, they consistently sourced multiple offers. Additionally, the integration of the Matthews™ Capital Markets division helped create a more seamless bidding environment for the loan, enhancing competitiveness throughout the process.

Results

The client achieved a favorable outcome through a cash-out refinance with market-leading terms on the loan. This achievement enabled the owner to address other hindrances within their extensive portfolio, freeing up resources and enhancing their financial flexibility. The agents’ utilization of the Matthews™ database played a pivotal role in reaching a wide range of potential buyers, ensuring a robust pool of interested parties. Overall, the property was refinanced at $1,600,000, showcasing the agents’ ability to navigate the complex market conditions and secure a favorable outcome for their client.