Kleinberg and Staudigel of Tri-State Props. broker $8m sale of 15,900 s/f Rite Aid bldg.

Ron Kleinberg and Dale Staudigel, co-presidents of Tri-State Properties, brokered the $8 million sale of Rite Aid located on Main St. Tri-State Properties represented the purchaser, a N.Y. investor, while the seller was assisted by Mark Abrams, of Premier Properties. The 15,900 s/f freestanding building, located at the entrance of Huntington Village in Long Island, was reported to have generated sales in excess of $16 million. Kleinberg said, "This drug store was an absolute net leased 24-hour pharmacy with a new 20-year primary lease and built in increases." Staudigel said, "While drug stores typically average $500-$600 per s/f in sales, due to the asset's irreplaceable location on Main St., annual sales average $1,000 per s/f, ranking it at the head of its class in the chains 5,000 drug stores nationwide."