Toledo, OH - Rite Aid

Description:

SRS Real Estate Partners in collaboration with Hoty Enterprises, Inc. is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NN leased, corporate guaranteed, Rite Aid investment property located in Toledo, OH. The tenant has 4.5 years remaining in their initial term with 6 (5-Year) options to extend. The lease features 3-4% rental increase at the beginning of each option period, growing NOI and hedging against inflation. The lease is guaranteed by Rite Aid Corp. and is NN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor.

Rite Aid is strategically located at the signalized, hard corner intersection of S. Reynolds Road and Heatherdowns Boulevard, averaging a combined 53,000 vehicles passing by daily. The building is complete with a drive-thru pharmacy, providing ease and convenience for customers. The site is also equipped with a large pylon sign, creating excellent visibility along S. Reynolds Road. Rite Aid benefits from direct on/off ramp access to interstate 80 (24,000 VPD), a major east-west transcontinental freeway connecting San Francisco, CA to Teaneck, NJ (NYC MSA). The immediate retail corridor is home to a variety of national/credit tenants including Goodwill, Huntington Bank, Kroger, Aaron’s, NAPA, Harbor Freight Tools, Goodyear, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Additionally, the property is within walking distance to multiple apartment complexes including Alt Stone Bridge (132 units), The Woodlands (150 units), Genesis Village (156 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by 151,639 residents and 84,038 daytime employees with an average household income of $77,810.

---

Report Listing This listing was syndicated through:

Listing ID: a284o000001MzIuAAK