Sold: Rite Aid & O'Reilly
Martinez, CA
Sold: 2022
The opportunity to list a Rite Aid/O’Reilly Auto deal in Martinez, CA came to us after the Southern CA-based owner had consecutively engaged two SoCal brokerage companies to sell it, to no avail.
Monarch brought the deal to market at the same price and terms, yet built a much stronger case for the asset. We corrected an outdated perception of Martinez as an inferior market, visually explained regional barriers to entry for additional drugstores, and articulated the strength of the underlying real estate: the #1 retail intersection in Martinez on a key arterial connecting Bay Area markets.
The deal quickly went into contract, but fell out. (It had been a backup for a 1031 exchange buyer.) Through our network we quickly sourced another buyer. The buyer's broker had reservations about the seller based on a past experience, but had full faith in Monarch to transact honorably. Once in contract, we seamlessly overcame the final hurdle: navigating a particularly complex loan.
By creating a compelling case for the local market and confidence for the buyer's broker, Monarch reduced two (all too common) points of transaction friction that can kill deals and erode value.
