Limon Net Lease Group

Market Report

Walgreens & Rite Aid Overview

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Abstract

The RetailStat webinar on March 31, 2025, covered Walgreens Boots Alliance and Rite Aid, focusing on the U.S. retail pharmaceutical market. The U.S. retail pharmaceutical market grew by 8.8% in 2024, reaching $348 billion, driven by higher volume that offset price deflation. Despite overall market growth, retail margins are being pressured by reduced pharmacy reimbursements, soft front-end sales, labor costs, and growing online competition.

Walgreens has faced challenges, including a 52% fall in EBITDA since FY19 and strategic reviews leading to store closures. In March 2025, Walgreens agreed to be acquired by Sycamore Partners in a deal valued up to $23.7 billion.

Rite Aid emerged from bankruptcy on August 30, 2024, eliminating approximately $2 billion in debt and closing 800 stores. However, it continues to face operational struggles and is in talks to bolster liquidity.

Access Summary here

​​​Watch Video here

Courtesy of retailstat.com

Q3 2021 Multi-Family Market Report | New York City Metro

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Manhattan Renters Returning After Year Away; Construction Keeps Pressure on Class A Units

  • Metro exiting challenging period. While fewer people left New York on a net basis in 2020 than in any of the previous three years, many residents did relocate out of Manhattan.
  • Outer boroughs performing well, construction a concern. Most submarkets outside Manhattan posted sub-3 percent vacancy in June, with some areas such as Southeast Brooklyn and Ditmas
    Park-Flatbush staying under 2 percent.

Investment Highlights

  • The number of properties that changed hands in the first six months of 2021 was up by about 9 percent from the second half of 2020.
  • Over the 12-month period ending in June properties traded at an average per unit price of $339,900, down 3 percent from the 2018 peak.
  • Sales activity was up across all five boroughs over the past four quarters, with the largest jump occurring in Queens.
  • Manhattan buyers targeted the Upper West Side most often, with numerous century-old properties with fewer than 20 units changing hands in a general range of $230,000 to $600,000 per unit.

* Forecast; ** Through 2Q
Sources: CoStar Group, Inc.; Real Capital Analytics; RealPage, Inc.

Download the Full Report Here

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data includes transactions sold for $1 million or greater unless otherwise noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Real Capital Analytics © Marcus & Millichap 2021 | www.MarcusMillichap.com

Q3 2021 Retail Market Report | Orlando Metro

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Investors Take Notice as Increased Tourism and Job Gains Fuel Retail Demand

  • Retail fundamentals held steady during health crisis. Orlando benefited from job growth that doubled the U.S. average prior to the pandemic, which translated to a level of resiliency during the health crisis.
  • Reduced pipeline to benefit metro vacancy. Uncertainty from the pandemic and material shortages prompted developers to reduce construction activity in the metro, which aided the metro’s vacancy rate during the health crisis.

Investment Highlights

  • Retail investors returned in force to Orlando in the second half of 2020, with transaction velocity reaching a two-decade high over the past 12 months.
  • Private investors were more active in the market, acquiring older properties as many institutions were on the sidelines.
  • Private investors were particularly active in the Lake County Submarket, targeting single-tenant net leased assets with yields in the 6 percent band.
  • Nearly half of all transactions in the metro over the last four quarters involved out-of-state buyers.

* Forecast; ** Through 2Q
Sources: CoStar Group, Inc.; Real Capital Analytics

Download the Full Report Here

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data includes transactions sold for $1 million or greater unless otherwise noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Real Capital Analytics © Marcus & Millichap 2021 | www.MarcusMillichap.com

Q3 2021 Retail Market Report | Columbus Metro

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Regional Standout for Retail Performance, Columbus Attracts More Out-of-State Investors

  • Diverse hiring bolsters household count and local spending. Backed by a local economy that has recaptured 80 percent of the jobs lost during the initial months of the health crisis, Columbus’
    retail sector continues to enjoy the lowest vacancy rate among Midwest markets.
  • Major retail demand drivers re-established. Businesses surrounding Ohio State University, the metro’s largest employer, are poised to receive a jolt in sales this fall as students and staff
    return to campus.

Investment Highlights

  • Since the fourth quarter of 2020, sales velocity has returned to a pre-pandemic pace, supporting a 45 percent rise in deal flow over the past year ended in June.
  • Across both retail segments, Columbus offered buyers some of the highest first-year returns nationally over the past 12 months.
  • Shopping center trades accounted for one-fourth of recent deal flow.
  • Investors with experience owning multiple property types are pursuing mixed-use buildings throughout the city of Columbus, where 8 percent-plus cap rates are available.

* Forecast; ** Through 2Q
Sources: CoStar Group, Inc.; Real Capital Analytics

Download the Full Report Here

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data includes transactions sold for $1 million or greater unless otherwise noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Real Capital Analytics © Marcus & Millichap 2021 | www.MarcusMillichap.com

Q3 2021 Retail Market Report | Chicago Metro

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Retail Fundamentals Hold Steady as Chicago’s Economy Continues to Recover

  • Loosening restrictions aid retail demand. Chicago’s retail sector continues to recover following a temporary disruption caused by the pandemic.
  • Limited pipeline supports demand for existing floor plans. The minimal amount of recent completions in Chicago has aided the metro’s fundamental balance.

Investment Highlights

  • Sales activity in Chicago remained muted over the past four quarters, with transaction activity down 14 percent year over year and falling well below the metro average prior to the pandemic.
  • The average sale price in single-tenant properties remained flat over the past 12 months at $416 per square foot.
  • Uncertainty from the pandemic impacted deal flow in multi-tenant properties, falling over 30 percent over the last four quarters.
  • Private investors seeking lower entry costs and higher yields were particularly active in the metro’s Indiana submarket.

* Forecast; ** Through 2Q
Sources: CoStar Group, Inc.; Real Capital Analytics

Download the Full Report Here

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data includes transactions sold for $1 million or greater unless otherwise noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Real Capital Analytics © Marcus & Millichap 2021 | www.MarcusMillichap.com

Q3 2021 Multifamily Market Report | Chicago Metro Area

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Fundamentals Return to Pre-Pandemic Levels, Boosting Investment and Out-of-State Interest

  • Positive absorption resurfaces across all submarkets. Chicago recorded a recent spike in apartment demand that restored vacancy and rent metrics to levels last seen before the health crisis.
  • Epicenter of inventory growth shifts. For the first time since 2004, suburban deliveries exceed urban completions.

Investment Highlights

  • Chicago notched an 8 percent rise in deal flow over the trailing-12- month period ended in June, one of the largest gains among Midwest metros.
  • Average pricing fell 2 percent during the past year to $155,500 per unit, a figure that trailed the national mean by 9 percent.
  • Urban submarkets have accounted for two-thirds of all apartment transactions since last July, with trades most concentrated in North and South Lakefront neighborhoods.
  • Strong renter demand for suburban units has drawn more out-of-state investors to locales outside the CBD including North and Northwest Cook County.

* Forecast; ** Through 2Q
Sources: CoStar Group, Inc.; Real Capital Analytics; RealPage, Inc.

Download the Full Report Here

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. Note: Metro-level employment growth is calculated based on the last month of the quarter/year. Sales data includes transactions sold for $1 million or greater unless otherwise noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; Real Capital Analytics © Marcus & Millichap 2021 | www.MarcusMillichap.com