Sabharwal of Marcus & Millichap arranges $1.767 million sale; 29,374 s/f net-leased Rite Aid located at 17-21 North Pearl Street

Marcus & Millichap Real Estate Investment Services has arranged the sale of Rite Aid, a 29,374 s/f net-leased property according to J.D. Parker, first vice president - regional manager of the firm's Manhattan office. The asset sold for $1.767 million. Preet Sabharwal, senior associate, in Marcus & Millichap's Manhattan office, had the listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also represented by Sabharwal. Rite Aid is located at 17-21 North Pearl St. "Secondary and tertiary market real estate assets are coming alive, with an abundance of liquidity in the debt markets for these types of deals," said Sabharwal, "We were able to generate seven written offers within a week's time, largely, because of the global hunt for yield that has emerged in the net leased world. Another contributing factor to consider is Rite Aid's recent Moody's credit increase and resolution of high volumes of senior debt."