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Drug Store

Rite Aid | Early Extension & Rental Escalators | Close to Hospital

222 S Main St, Orrville (Akron), OH 44667

Listing Price: $2,716,300

Cap Rate
6.50%
Tenant Name
Rite Aid
Years Remaining On Lease
6.1
Guarantor
Corporate Guarantee
Rentable SF
10,400
Lease Type
Double Net
Rent Per Square Feet
$16.98

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a six plus year, Rite Aid located in Orrville, Ohio which is near Akron.  The offering is an ideal investment for an investor looking for a well-located drug store in a market with limited market competition and strong local economic drivers. Rite Aid has previously exercised an early renewal at this location demonstrating the strength of the site and their commitment to this market.  The offering additionally features rare large rental increases in some of the option periods.   The Subject Property is located along Orrville’s main thoroughfare; South Main Street and experiences approximately 11,000 vehicles per day in front of the site. Rite-Aid is the closest pharmacy to Aultman Orrville Hospital and is located less than a half mile away.  Aultman is the premier hospital serving Wayne county and the city of Orrville, with 230 health care employees and a 70 year operating history the hospital has a sizeable footprint within the community. Orrville is also home to the corporate world headquarters of JM Smucker Company, a leading consumer food products company with a market value of 13 billion dollars. This major employer provides strong economic growth and stability to the surrounding community.   Rite Aid (NYSE:RAD) is one of the largest pharmacy companies in the country and is one of the “big three” pharmacy chains alongside Walgreens & CVS. The chain was founded in 1962 in Scranton, Pennsylvania and now boasts nearly 2,500 locations nationwide.

Investment Highlights

  • Rite Aid sits on the signalized, hard-corner intersection directly along the main thoroughfare of Orrville
  • The Property is beneficially located within close proximity to Aultman Orrville regional hospital which serves the entire county
  • The lease calls for strong rental bumps in several of the option periods
  • Rite Aid has previously exercised an early renewal at this location, demonstrating strong site performance and commitment to this location.
  • Rite Aid has been operating at this location since 1997.  The current lease term has just over six years remaining of firm term and features the more market favorable five, five-year renewal options
  • The Subject Property is a short distance from the corporate headquarters of JM Smucker Company which provides the strong economic heartbeat to the Orrville community and is a major employer of the surrounding area
  • Tenant is responsible for all expenses related to the building including common area maintenance, insurance and real estate taxes

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Drug Store

Rite Aid | Early Extension & Rental Escalators | Close to Hospital

Listing Price: $2,716,300

Cap Rate
6.50%
Tenant Name
Rite Aid
Years Remaining On Lease
6.1
Guarantor
Corporate Guarantee
Rentable SF
10,400
Lease Type
Double Net
Rent Per Square Feet
$16.98

Investment Highlights

  • Rite Aid sits on the signalized, hard-corner intersection directly along the main thoroughfare of Orrville
  • The Property is beneficially located within close proximity to Aultman Orrville regional hospital which serves the entire county
  • The lease calls for strong rental bumps in several of the option periods
  • Rite Aid has previously exercised an early renewal at this location, demonstrating strong site performance and commitment to this location.
  • Rite Aid has been operating at this location since 1997.  The current lease term has just over six years remaining of firm term and features the more market favorable five, five-year renewal options
  • The Subject Property is a short distance from the corporate headquarters of JM Smucker Company which provides the strong economic heartbeat to the Orrville community and is a major employer of the surrounding area
  • Tenant is responsible for all expenses related to the building including common area maintenance, insurance and real estate taxes

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire a six plus year, Rite Aid located in Orrville, Ohio which is near Akron.  The offering is an ideal investment for an investor looking for a well-located drug store in a market with limited market competition and strong local economic drivers. Rite Aid has previously exercised an early renewal at this location demonstrating the strength of the site and their commitment to this market.  The offering additionally features rare large rental increases in some of the option periods.   The Subject Property is located along Orrville’s main thoroughfare; South Main Street and experiences approximately 11,000 vehicles per day in front of the site. Rite-Aid is the closest pharmacy to Aultman Orrville Hospital and is located less than a half mile away.  Aultman is the premier hospital serving Wayne county and the city of Orrville, with 230 health care employees and a 70 year operating history the hospital has a sizeable footprint within the community. Orrville is also home to the corporate world headquarters of JM Smucker Company, a leading consumer food products company with a market value of 13 billion dollars. This major employer provides strong economic growth and stability to the surrounding community.   Rite Aid (NYSE:RAD) is one of the largest pharmacy companies in the country and is one of the “big three” pharmacy chains alongside Walgreens & CVS. The chain was founded in 1962 in Scranton, Pennsylvania and now boasts nearly 2,500 locations nationwide.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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