KB EXCHANGE TRUST PURCHASES RITE AID PHARMACY BUILDING IN WASHINGTON D.C. METRO
Beverly Hills, CA (August 5, 2015) - KB Exchange Trust ("KB") announced the acquisition of a Rite Aid Pharmacy property for $5.7 million in Ranson, West Virginia. The property, constructed in 2008, totals over 14,500 square feet and is Rite Aid's prototypical pharmacy building design. Rite Aid has over 13 years remaining on the original 20-year lease term.
"We are pleased to add another quality health-care related property to our investment program." stated Jeff Pori, managing partner for KB Exchange Trust. "Rite Aid is a well-recognized pharmacy brand, especially on the east coast." This property will be offered to our investors for 1031 exchange purposes and will provide them with a stable cash flow into the foreseeable future," Pori added.
Ranson, West Virginia is just 40 miles northwest of Dulles International Airport. The Washington, DC MSA is the most educated and by some measures, the most affluent metropolitan area in the United States. This Rite Aid resides in a prime 1.5-million-square-foot retail hub along with major retailers such as Home Depot, Kohl's, Weis Markets, McDonald's, Chick-Fil-A, and Petco.
Rite Aid Corporation is third largest drugstore chain in the United States. With nearly 4,600 stores, Rite Aid is the largest drugstore chain on the East Coast. Rite Aid is a Fortune 500 Company that has significantly increased its revenue over the past three years and is publicly traded on the New York Stock Exchange (NYSE Ticker: RAD). The property will be managed by NAS National Asset Services, a national asset management company, based in Los Angeles with over 13 million square feet of commercial properties under management.
About KB Exchange Trust
KB Exchange Trust is a sponsor of DST-structured real estate investments, specializing in single-tenant, net-leased properties. The sponsor's experience management team has purchased and closed over $2 billion of fractional ownership properties for its 1031 investor clientele.
KB Exchange Trust DST interests are securities as defined by the Securities and Exchange Act of 1934 and may be sold only to "accredited investors," who meet certain minimum annual income or net worth thresholds. The securities are subject to legal restrictions on transfer and there is no market for resale. These securities are being offered in reliance on an exemption from registration, and neither the U.S. Securities and Exchange Commission nor any other regulatory authority has passed upon the merits of an investment in the securities or passed upon the adequacy or accuracy of the offering materials describing the securities. Investing in securities involves risk, and investors should be able to bear the loss of their investment.
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