New York & Tri-State + New York + Industrial | August 3, 2022

Taconic Capital Advisors and Friedman Real Estate have acquired Rite Aid warehouses in upstate New York and suburban Detroit in a $46-million sale-leaseback

JV of Taconic Capital, Friedman Real Estate Acquires Rite Aid Industrial Portfolio

A joint venture of New York-based Taconic Capital Advisors and Farmington Hills, MI-based Friedman Real Estate has acquired a 1.23-million square-foot industrial portfolio for $46 million. The four-property portfolio, in upstate Liverpool, NY and Waterford, MI, was purchased from Rite Aid Corporation as a structured sale-leaseback.

The portfolio includes 744,000 square feet across two distribution centers in Liverpool; a 407,000-square-foot distribution center in Waterford; and an 87,000-square-foot vacant industrial building in Liverpool. The JV also purchased 50-plus acres for future expansion and development.

“The deep demand for suitable logistics solutions in both the New York and Michigan regions presented a rare and powerful investment opportunity,” said Taconic’s James Jordan. “This acquisition marks Taconic’s first industrial investment as part of its new fund.”

Added Friedman Real Estate’s Jared Friedman, “We are confident about the future growth prospects in the logistics sector and the potential for development and redevelopment within this portfolio.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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