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Rite Aid, Philadelphia, PA

Rite Aid

PA, United States

Price $2,978,000
Cap Rate
NOI
Lease Term 13 Years
Lease Type
Rental Increases 5% Increases Every 5 Years
Year Built 1997
Building Size 10,416 sq. ft.
Lot Size 0.70 Acres (34,412 sq. ft.)
Status Sold
Lead Broker Information Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Vince Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Investment Highlights

ABSOLUTE NNN LEASE TO STRONG NATIONAL TENANT
» Absolute NNN lease offers no landlord obligations
» Early 10-year extension of lease, providing 13 years of firm-term remaining
» Early extension of lease provides security and a long-term commitment by Rite Aid
» Ideal no-management property for an out-of-state investor
» Rite Aid operates over 4,600 locations nationwide
» Largest drugstore chain on the East Coast and third largest in the U.S., creating the largest drugstore chain

SIGNALIZED, HARD-CORNER LOCATION IN DENSELY POPULATED AREA
» Strategically located at the signalized intersection of Welsh Road and Blue Grass Road, with excellent visibility and access to 23,314 vehicles per day
» Less than one block south of Roosevelt Road/U.S. Highway 1 – 51,000 AADT
» Dense population of 502,687 within a five-mile radius and surrounded by more than 1,500 apartment units

CENTRAL PHILADELPHIA LOCATION
» Surrounded by multiple large retail centers anchored by national tenants including Bank of America, PNC Bank, Marshalls, and Dollar Tree
» Minutes from 231-bed Nazareth Hospital, with 153,000 outpatient visits per year
» Only 10 miles from Downtown Philadelphia

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is located at the northeast corner of Welsh Road and Blue Grass Road in a densely populated region of Philadelphia. The property benefits from a hard corner location at a signalized intersection, which experiences a traffic count of approximately 23,314 vehicles per day. The property lies less than one block south of where Roosevelt Road/U.S. Highway 1, a major north-south arterial with a traffic count of 51,000 vehicles per day, intersects with Welsh Road. Blue Grass Plaza, an 87,302 square foot mixed-use center anchored by NetCost Market, is directly across from the site. Other notable tenants within the center include PNC Bank, Bank of America, The UPS Store, Metro PCS, Blue Grass Pharmacy, and various local retailers. North of Blue Grass Plaza is the 288,000 square foot Northeast Shopping Center, which is co-anchored by Burlington Coat Factory and Marshalls and includes other notable tenants like Wells Fargo, Five Below, Carter’s, Sprint Store, Menchie’s Frozen Yogurt, Dunkin’ Donuts, and Boston Market, among others. The urban power center, Whitman Square, is less than a mile north of the property and contains 463,456 square feet of retail area, anchored by Walmart, Lowe’s Home Improvement, and hhgregg. Adjacent to Whitman Square is Northeast Philadelphia Airport, the sixth busiest airport in Pennsylvania. Southeast of the airport are two popular golf courses: Union Golf Club at Torresdale and John F. Byrne Golf Club. The Union League of Philadelphia is ranked as the number one city club in the country, with members who represent the Philadelphia region’s leaders in business, education, technology, healthcare, and law. Additionally, approximately one mile south of the site is Nazareth Hospital, which is a part of the Mercy Health System and serves Northeast Philadelphia. Nazareth Hospital is a 231-bed comprehensive care medical facility that has over 153,000 outpatient visits a year.

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