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Rite Aid – Relocation Store, Corona, CA

Rite Aid – Relocation Store

CA, United States

Price $9,650,000
Cap Rate
NOI
Lease Term 20 Years
Lease Type
Rental Increases 10% Renal Increases Every 10 Years During Initial Term and During Options 1 and 3, Fair Market Value on Options 5 and 6
Year Built 2017
Building Size 15,341 SF
Lot Size 1.76 Acres (76,575 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

ABSOLUTE NNN LEASE TO STRONG NATIONAL TENANT
» Absolute NNN lease with tenant responsible for all property-related expenses and maintenance, requiring no landlord management
» Rite Aid operates over 4,600 locations nationwide
» Largest drugstore chain on the East Coast and third largest in the U.S.

CORPORATE GUARANTEED LEASE WITH SCHEDULED RENTAL INCREASES
» Guaranteed by Rite Aid Corporation
» 10% rental increases every 10 years during the initial term and in the first and third option periods
» Fair market value rental increases in fifth and sixth option periods

CENTRAL INLAND EMPIRE LOCATION WITH STRONG DEMOGRAPHICS
» 189,221 people live within a five-mile radius, providing a large customer base for Rite Aid
» Close proximity to multiple major retail centers, including Corona Hills Plaza, featuring 50 stores and services
» Average household income is $105,751 within a one-mile radius of the site

LATEST RITE AID PROTOTYPE WITH DUAL PRESCRIPTION DRIVE-THRU
» Built to Tenant’s exact specifications and features the latest Rite Aid store design
» Two prescription drive-thru lanes, providing unparalleled customer convenience

Click Here to Download Offering Memorandum


Property Description

SOLD

The property is strategically located at the signalized hard corner of West Ontario Avenue and South Buena Vista Avenue, with excellent visibility and access to 25,968 vehicles per day. West Ontario Avenue provides convenient access to Highway 91, a major freeway serving several regions of the Greater Los Angeles area, which has an extremely high traffic count of 255,000 vehicles per day. Several shopping centers are located within walking distance of the property, including Corona Town & Country, anchored by Sprouts Farmers Market, and Corona Village, anchored by Vons. Other major retail plazas in the nearby area include Corona Hills Plaza, featuring over 50 stores and services, and Crossings at Corona, which has nearly one million square feet of retail space.

The property benefits from its prime location in an affluent, densely populated area. The property is surrounded by residential neighborhoods and several elementary, intermediate, and high schools. The average household income exceeds $105,000 within a one-mile radius of the site, with average incomes exceeding $90,000 within three- and five-mile radii. Additionally, 189,221 people live and 93,309 daytime employees work within a five-mile radius of the property, providing a strong customer base for Rite Aid.

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