Long Beach, CA - Former Rite Aid

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 1.31-acre lot with a 15,163 SF former national drugstore/pharmacy located along historic Pacific Coast Hwy in Long Beach, California (Los Angeles County). The building was formerly occupied by Rite Aid and features a drive-thru pharmacy as well as 58 parking stalls, an ample 3.82 stalls per 1,000 SF of leaseable area. The property is zoned CHW, Regional Highway District, providing for a wide range of retail and commercial uses. This offering represents a rare opportunity to acquire a single tenant, coastal, trophy asset within infill area characterized extremely high barriers for new development.

The subject property is located at the heavily trafficked signalized, hard corner intersection of Pacific Coast Hwy and Ximeno Ave, combined for 65,800 vehicles passing by daily. Pacific Coast Hwy is a major coastal Long Beach thoroughfare averaging 48,100 vehicles passing by daily. Rite Aid is positioned within a thriving Long Beach coastal market consisting of high disposable incomes, dense population counts, and favorable trade area co-tenancy. The site is nearby a number of national/credit tenants who have become staples within the community, including Costco Wholesale, The Home Depot, T.J. Maxx, LA Fitness, along with dozens of premier restaurants and boutique retailers, creating an everlasting stream of direct consumer exposure for the store. Rite Aid is positioned just 1.5 miles west of California State University Long Beach with more than 36,000 students currently enrolled, providing a direct consumer base from which to draw. The subject 5-mile trade area is supported by over 494,000 residents and more than 216,000 daytime employees. Residents in a 5-mile radius of the asset boast an impressive average household income of $124,502.