NNN Rite Aid - Only Drugstore in Market
For sale to qualified investors is the 100% fee-simple interest in a NNN Rite Aid located in Columbiana, Ohio. Rite Aid operates under a 20 year lease which commenced on September 4, 2008, and there are roughly 11 years remaining on the base term. The lease is absolute triple-net with no landlord obligations and is corporately guaranteed by Rite Aid Corporation (NYSE:RAD). The lease requires Rite Aid to perform all maintenance and repair obligations, including the roof and structure. The annual rent is $463,246 and features rental increases in the base term along with the options, providing a hedge against inflation. The passive nature of this lease combined with the credit-worthy corporate guaranty make this an ideal 1031 replacement property or acquisition for an investor desiring a long term passive real estate investment. There is no Walgreens or CVS in this market, rendering Rite Aid as the dominant drugstore within a 7 mile radius. The property is located on heavily-trafficked State Route 14 in the center of the Columbiana retail trade area and is surrounded by national retailers including McDonald’s, PNC Bank, Burger King, Pizza Hut, Taco Bell, Family Dollar, BP, Arby’s, AT&T, H&R Block, Dollar General, Advance Auto, Chase Bank, Sparkle Market, Huntington Bank and others.