Pharma Property Group has been exclusively retained by ownership to present for sale the opportunity to acquire the Rite Aid property located in Waterford, Michigan. The lease has approximately 3.75 years remaining before the five (5-year) options to follow with rent increasing by 53% to $283,089 in 2023, the first of five options. The remaining four (5-year options) have an approximate 4% increase at the beginning of each option.
This Rite Aid operates on a double net lease basis. Income guaranteed by Rite Aid corporate (S&P B) Fortune 500 Company with ±2,500 locations. Rite Aid retained this location in its sale of 1,900+ locations to Walgreens in 2018 and store has a successful operating history of 20+ years at this location.
Directly across the street from this Rite Aid is a CVS which makes this a strategic location for both drugstore tenants. The subject property is in approximately 35 miles northwest of downtown Detroit, the 14th most populous Metropolitan Statistical Areas in the United States with a population of ±4,300,000 residents. In a 5-mile radius, the average household income is $76,400 and the total population is 143,897 residents.