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Rite Aid, San Diego County, CA

Rite Aid

Price $7,202,000
Cap Rate 5.00%
NOI $360,082
Lease Term 20 Years
Lease Type Net, With Tenant Responsible For Taxes, Insurance, And Maintenance, Including Roof And Structure
Rental Increases 10% Rental Increases Every Ten (10) Years
Year Built 2019
Building Size 11,900 SF
Lot Size 1.22 Acres (53,143 SF)
Status Available
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

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

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

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

LONG-TERM NET LEASE TO STRONG CORPORATE TENANT
» New 20-year net lease with no landlord responsibilities, ideal for an out-of-area investor
» 10% rental increases every ten years, providing a hedge against inflation
» Guaranteed by Rite Aid Corporation, one of the nation’s leading drugstore chains
» Amazon (NASDAQ: “AMZN”) has partnered with Rite Aid to provide staffed Amazon package pick-up services (Amazon Counter) at Rite Aid locations

HIGH-TRAFFIC LOCATION AT PRIMARY INTERSECTION
» Located at the signalized hard corner of Valley Center Road and Cole Grade Road with excellent visibility and access to 47,000 vehicles per day at Valley Center’s primary intersection
» No drugstore competition in the surrounding area
» California’s soaring housing costs has fueled recent residential development in Valley Center as a more affordable housing option in San Diego County
» Near Touchstone Communities 632 home master planned community delivering Spring 2020
» 850 homes currently under construction including Bear Peak by KB Home featuring low San Diego County price points ideal for young families
» New sewer plant online allowing new connection for the first time in over a decade
» Proposed Arco location on the currently vacant southwest corner of Cole Grand Road and Valley Center Road

CENTRAL LOCATION WITH STRONG CUSTOMER BASE
» Near several schools, including Valley Center Elementary School (577 students), Valley Center Primary School (535 students), Valley Center Middle School (867 students), and Valley Center High School (1,183 students)
» Close to the Valley Center History Museum, visited by approximately 30,000 people each year
» Other notable tourist attractions in the area include Harrah’s Resort Southern California and a number of golf courses
» Supported by an affluent customer base; the average household income within five miles is $125,460, and the average household incomes within one- and three-mile radii greatly exceed $100,000

NEW 2019 CONSTRUCTION WITH PRESCRIPTION DRIVE-THRU
» High-quality construction scheduled to be completed in late 2019
» Features prescription drive-thru
» New building, limiting near-term deferred maintenance or capital costs



Property Description

The property is strategically located at the signalized hard corner of Cole Grade Road and Valley Center Road, with excellent visibility and access to 47,000 vehicles per day. Located at Valley Center’s primary intersection, the property is adjacent to several local retailers. The property benefits from no drugstore competition in the surrounding area. As well as from a strong customer base in the surrounding area. Several schools are located nearby, including Valley Center Elementary School (577 students) and Valley Center Primary School (535
students). The property is also close to the Valley Center History Museum, which is visited by approximately 30,000 people each year. Other notable tourist attractions in the area include Harrah’s Resort Southern California and a number of golf courses. Additionally, the property is supported by an affluent customer base; the average household income within five miles is $125,460, and the average household incomes within one- and three-mile radii greatly exceed $100,000.

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