A merger between Walgreens Boots Alliance and Rite Aid, the two most widely held tenants in commercial mortgage securitization, would bring massive consolidation in the pharmacy space, potentially resulting in vacancies in CMBS impacted by the merger.
Walgreens said Tuesday that it will buy Rite-Aide for about $9.4 billion. Walgreens already operates over 13,000 stores worldwide. The drugstore has been growing its portfolio steadily; since 2010 it has snapped up Duane Reade, USA Drugs and Kerr Drug, adding more than 8,200 stores. The company reported revenue of $76 billion in 2014.