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Rite Aid – Relocation Store, McFarland, CA

Rite Aid – Relocation Store

CA, United States

Price $4,239,000
Cap Rate
NOI
Lease Term 20 Years
Lease Type
Rental Increases 10% Rental Increases Every 5 Years
Year Built July 2016
Building Size 10,559 SF
Lot Size 0.89 Acres (38,768 SF)
Status Sold
Lead Broker Information Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

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

Investment Highlights

RARE CALIFORNIA 2016 BUILT-TO-SUIT PHARMACY
» New 20-year NNN lease
» 10% rental increases every 10 years, providing a hedge against inflation
» Corporate guarantee – NYSE: “RAD”
» No landlord responsibilities, providing an investor with a completely passive investment

CENTRAL LOCATION IN DOWNTOWN MCFARLAND
» Excellent location at base of pedestrian bridge connecting East and West McFarland
» Near several schools, with over 3,300 students enrolled in schools within a half-mile radius
» Immediate access to Highway 99 – 59,000 AADT
» Close proximity to major national retailers, including McDonald’s, AutoZone, Dollar General, MetroPCS, and others

RARE 2016 BUILT-TO-SUIT CONSTRUCTION WITH NEW PROTOTYPE DESIGN
» Brand new 10,559 SF prototype store
» First smaller footprint store in California
» Brand new construction, limiting near-term deferred maintenance or capital costs for tenant

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is strategically located at the hard corner of West Kern Avenue and Frontage Road. Access to Highway 99 is conveniently located a few blocks from the site. Highway 99 is the main freeway through the San Joaquin Valley, and connects McFarland to Bakersfield to the south and Delano to the north. A heavily traveled route, Highway 99 experiences a high traffic count of 59,000 vehicles per day near the property. The site is centrally located in downtown McFarland, which is tenanted by a mix of local retailers and national chains. The property benefits from its close proximity to several nationally-recognized retailers, including McDonald’s, NAPA Auto Parts, Dollar General, Subway, MetroPCS, Boost Mobile, Cricket Wireless, and AutoZone.

Several schools are near the property. McFarland High School and Kern Avenue Elementary are both within a few blocks of the property, while Browning Road Elementary and McFarland Middle School are less than half a mile away. Overall, more than 3,300 students are enrolled in schools within a half mile of the property.

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