Single Tenant Rite Aid For Sale


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single tenant net leased Rite Aid for sale

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Single Tenant Rite Aid For Sale

  1. 1. NET LEASED INVESTMENT OFFERING Rite Aid2249 North Canton Center RoadCanton, MI 48187 (Detroit MSA)
  2. 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS1) Confidentiality & Disclaimer2) Executive Summary3) Property Overview4) Aerial5) Site Plan6) Map7) Tenant Profile8) Demographic Comparison Report9) Location Overview10) Contact Information
  3. 3. CONFIDENTIALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY CONFIDENTIALITY & DISCLAIMERThe information contained in the following Offering Memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from The Boulder Group and should not be made available toany other person or entity without the written consent of The Boulder Group. This Offering Memorandum has beenprepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. The Boulder Group has not made any investigation, and makes no warranty orrepresentation. The information contained in this Offering Memorandum has been obtained from sources webelieve to be reliable; however, The Boulder Group has not verified, and will not verify, any of the informationcontained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes nowarranty or representation whatsoever regarding the accuracy or completeness of the information provided. Allpotential buyers must take appropriate measures to verify all of the information set forth herein.
  4. 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARYThe Boulder Group is pleased to exclusively market for sale a single tenant net leased Rite Aid property located within theDetroit MSA. The 11,180 square foot Rite Aid was built in 1999 and is positioned on the hard corner of a signalizedintersection. The property is located in a dense retail area anchored by IKEA. Additionally, the property is benefited by itslocation within an affluent area with over 150,000 people living within five miles of the property.The property is located at the signalized intersection of Ford Road (Michigan Rte. 153) and North Canton Center Road.Ford Road experience traffic counts in excess of 39,800 vehicles per day and has a direct access interchange withInterstate 275 two miles east of the property. Interstate 275 experiences traffic counts in excess of 118,000 vehicles perday. Ford Road is the major retail thoroughfare in Canton with numerous national tenants. Nearby retailers include IKEA,Target, Lowe’s, Meijer, Kohl’s, Bed Bath & Beyond, PetSmart and Jo-Ann Fabrics. Additionally, the property benefits from itsclose proximity to a Wal-Mart Supercenter, Sam’s Club and Home Depot. Residents living within one mile of the propertyenjoy average household incomes in excess of $90,000 annually.Rite Aid’s original lease term was for 20 years and the lease expires in October 2019. The lease features six 5-year renewaloptions with 3% rental escalations. Rite Aid is a publicly traded company on the New York Stock Exchange (RAD), with amarket capitalization of $1.5 billion.INVESTMENT HIGHLIGHTS • Located within a major market • Traffic volumes along Ford Road in excess of 39,000 vehicles per day • Positioned on the hard corner of a signalized intersection • Located within a retail trade area anchored by IKEA • Nearby retailers include Wal-Mart, Sam’s Club, Home Depot Target, Lowe’s, Meijer, Kohl’s, Bed Bath & Beyond, PetSmart and Jo-Ann Fabrics • Over 150,000 people living within five miles of the property • Average household income in excess of $90,000 within one mile of the property
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEWPrice: $3,788,300Cap Rate: 9.00%Rent Schedule: NOI Escalation Date $ 340,947 $ 352,127 11/1/2019 (Option 1) $ 363,307 11/1/2024 (Option 2) $ 374,487 11/1/2029 (Option 3) $ 385,667 11/1/2034 (Option 4) $ 396,027 11/1/2039 (Option 5) $ 408,027 11/1/2044 (Option 6)Renewal Options: Six 5-yearLease Commencement Date: November 1, 1999Lease Expiration Date: October 31, 2019Tenant: Rite AidYear Built 1999Lease Type: NN (Roof & Structure)Rentable Square Feet: 11,180Land Acreage: 1.79 acres
  9. 9. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILERite Aid (NYSE: RAD) is a national drugstore chain ranked third in the United States by total number of stores. In itsstores, Rite Aid sells prescription drugs and an assortment of other merchandise including over the countermedications, a selection of health and beauty aids and personal care products, seasonal merchandise conveniencefoods, beverages and a large private brand product line. Rite Aid is ranked #100 on the 2011 Fortune 500. Rite Aidserves customers through over 4,600 stores across 31 states. Rite Aid has approximately 55,000 employees and isheadquartered in Pennsboro Township, Pennsylvania.Website: www.riteaid.comNumber of Locations: 4,667Stock Symbol: RADMarket Capitalization: $1.5 billionEmployees: 55,000
  10. 10. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORTPopulation 1-mi. 3-mi 5-miTotal Population 10,920 82,724 161,595Total Households 3,815 29,662 62,797IncomeMedian Household Income $86,193 $80,580 $65,987Average Household Income $92,119 $90,482 $80,106
  11. 11. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW The Charter Township of Canton commonly referred to as Canton, is a charter Canton, township of Wayne County, Michigan. Canton is located 23 miles west of Detroit and 17 miles east of Ann Arbor. Canton is one of Michigan’s fastest growing communities. As of the 2010 U.S census, The Charter Township of Canton had a population of90,173, making it the second largest township and eleventh largest community in the state of Michigan. Canton ishome to the North American headquarters of Yazaki, a global automotive parts supplier. Yazaki employs over192,000 people globally and over 1,000 employees in Detroit is the largest city in the state of Michigan and the county seat of Wayne County. At the time of the 2010 U.S. Wayne County was ranked as the 15th most populous county in the United States with a population of 1,820,584. The Detroit MSA is the 13th most populated metropolitan area in the United States with 4,296,250 residents. The Detroit metropolitan area, commonly referred to as Metro Detroit, is widely known as the automobile industry hub of North America. Most notably, Detroit is known for the “Big Three” automobile companies, General Motors, Ford and Chrysler, all headquartered in Metro Detroit. The Detroit auto industry employs over 70,000 people.Downtown Detroit is home to the Compuware world headquarters, Blue Cross Blue Shield, HP Enterprise Services,and Quicken Loans, who recently relocated its headquarters and 4,000 employees downtown. Detroit also benefitsfrom the casino gaming industry. Detroit is the largest city in the United States to offer casino resort hotels and ishome to the MGM Grand Detroit, MotorCity Casino and Greektown
  12. 12. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road Suite 1801 Northbrook, IL 60062Randy Blankstein Jimmy GoodmanPresident Partner847.562.0003