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Rite Aid, Girard, OH

Rite Aid

Girard, OH

Price $2,577,000
Cap Rate 6.00% Return
NOI $154,531
Lease Term 15 Years
Lease Type Absolute NNN, with Tenant Responsible for Taxes, Insurance, and All Maintenance, Including Roof and Structure
Rental Increases 5% Rental Increases Every Five (5) Years
Year Built 1999
Building Size 11,232 SF
Lot Size 1.26 Acres (54,886 SF)
Status Available
Lead Broker Information Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

ABSOLUTE NNN LEASE TO STRONG CORPORATE TENANT
» Long-term absolute NNN lease with recent 15-year lease extension
» No landlord management, providing an ideal investment for an out-of-area investor
» 5% rental increases every five years, providing a hedge against inflation
» Guaranteed by Rite Aid Corporation (NYSE: “RAD”), one of the nation’s leading drugstore chains
» Rite Aid has successfully operated at this location for nearly 20 years

HIGH-TRAFFIC LOCATION IN PRIMARY RETAIL CORRIDOR
» Located at the signalized hard corner of Churchill Road and North State Street, with excellent visibility and access to 28,982 vehicles per day at the busy intersection
» Convenient access to Interstate 80, which has a high traffic count of 44,340 vehicles per day near the property
» Prominent downtown location in Girard’s primary retail corridor

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» Centrally located just five miles from downtown Youngstown and eight miles from downtown Warren
» Near Youngstown State University, a major economic engine in the region, with 12,644 students and 1,200 employees
» Large population of nearly 90,000 residents within five miles
» Rite Aid has a long, successful operating history at this location and has an established customer base in the area

Click Here to Download Offering Memorandum


Property Description

The property is located at the signalized hard corner of Churchill Road and North State Street, with excellent visibility and access to 28,982 vehicles per day at the busy intersection. North State Street provides convenient access to Interstate 80, which has a high traffic count of 44,340 vehicles per day near the property. The property is prominently located in Girard’s primary retail corridor and is just half a mile from downtown Girard. Notable retailers near the property include Family Dollar, NAPA Auto Parts, Subway, and Marco’s Pizza. A number of large retail centers are located within a few miles of the property, including Eastwood Mall, anchored by Target, JCPenney, Sears, Macy’s, and Dillard’s.

The property is centrally located just five miles from downtown Youngstown and eight miles from downtown Warren. Youngstown State University, a major economic engine in the region, is just minutes away from the property. The college has 12,644 students and 1,200 employees, and is one of the largest employers in the region. Other schools located near the property include Girard Junior and Senior High School (826 students), Roosevelt Elementary and McDonald High School (850 students), and Liberty Local School District (1,184 students). Additionally, the property is surrounded by residential neighborhoods, with nearly 90,000 people living within a five-mile radius.

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