REBusinessOnline

MCB, Artemis Real Estate Acquire Distribution Center Near Baltimore in $65M Sale-Leaseback Deal with Rite Aid

A subsidiary of Rite-Aid fully leases the center, which serves as a distribution hub for more than 1,200 Rite-Aid locations across the Northeast.

ABERDEEN, MD. — A joint venture between MCB Real Estate LLC and Artemis Real Estate Partners has acquired an 890,000-square-foot distribution center in Aberdeen for $65 million. A subsidiary of Rite-Aid fully leases the center, which serves as a distribution hub for more than 1,200 Rite-Aid locations across the Northeast. Rite-Aid sold the warehouse to the joint venture in a sale-leaseback transaction. The asset is situated at 601 Chelsea Road, 35 miles northeast of downtown Baltimore and five miles from Interstate 95. Bill Shrader and John Van Buskirk of Lee & Associates represented the buyer in the transaction. Michael Katz of REF Advisory Inc. represented the seller.

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