Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate guaranteed (NYSE: RAD), freestanding, Rite Aid investment property located in Yucaipa, California (Inland Empire). The tenant, Thrifty Payless, Inc., has 6 years remaining in their initial term with 6 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 11% rental increase at the beginning of options 1 and 3 along with fair market value increases at the start of options 5 and 6. The lease is corporate guaranteed and NNN with limited landlord responsibilities making it an ideal, low-management investment opportunity for a passive investor. Founded in 1927, Rite Aid offers an array of health products and services through over 2,500 retail pharmacy locations across 17 states. Additionally, the adjacent Shops Pad and QSR Approved Land Pad within the center are also available for purchase (Contact Broker for Details).

Rite Aid is strategically located at the hard corner intersection of Bryant Street and Oak Glen Road, which serves over 26,000 vehicles per day. The building benefits from a drive-thru pharmacy, providing ease and convenience for consumers. The asset is ideally positioned 2 miles northeast of Yucaipa Valley Center, a 168,000 SF community center with notable tenants including Ross, Vons, TJ Maxx, Staples, and more. Other nearby national/credit tenants include Stater Bros, Aldi, Big Lots, Big 5, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Furthermore, Rite Aid is located less than 2-mile northeast of Chapman Heights, a planned development that launched in 2000 and currently has 1,700 residential homes, several parks, acres of open space, an 18-hole golf course, providing a direct residential consumer base from which to draw. Additionally, the subject property is located directly adjacent to the Serrano Lake Community, a 38-acre residential development that will feature 144 brand new single-family homes, providing a direct consumer base to draw from. The 5-mile subject trade area is supported by more than 67,000 residents and 12,000 daytime employees with an affluent average household income of more than $104,000.

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