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Rite Aid Pharmacy | Absolute NNN Lease

$4,933,000

2293 Upton Drive, Virginia Beach, VA 23454

Active
Last Updated: 04/07/2021

369,853

NOI

14,246 sqft

Building Size

Details:
NOI:    $369,853
Building Size:    14,246 sqft
Lot Area:    72,246 sqft
Lease Type:    Absolute Net
Year Built:    2003
Highlights:
  • New Wellness Store Remodel Featuring a Double Lane Drive Thru – Original Absolute NNN Lease
  • Features Easy Access and Excellent Visibility on the Hard, Signalized Corner of Upton Drive and Princess Anne Road with Approximately 38,000 VPD at the Intersection
  • Excellent Centralized Location
  • Numerous Military Bases Nearby Serving all Five Branches
  • Features Densely Populated Area
Description:

The subject property is a 2003 construction 14,246 square foot Rite Aid Pharmacy featuring a double lane drive thru in Virginia Beach, Virginia. The building was constructed on a build-to-suit basis with two access points and offers 69 parking spaces. Rite Aid signed a twenty-year absolute triple net lease with two percent (2%) rental increases in each of the four, five-year renewal options. Rite Aid (NYSE: RAD), a publicly traded company with investment grade credit rating of “B” by Standard & Poor’s, Has over 2,500 locations nationwide and was ranked No. 94 in the 2018 Fortune 500 List of the largest U.S. corporations by total revenue.

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