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Drug Store

Rite Aid

105 W Main St, North East, PA 16428

Listing Price: $396,000

Cap Rate
6.00%
Tenant Name
Rite Aid
Years Remaining On Lease
10.0
Guarantor
No Guarantee
Rentable SF
864
Lease Type
Double Net
Rent Per Square Feet
$27.50

Investment Overview

Marcus and Millichap is pleased to offer for sale the fee simple interest in a freestanding, single-tenant pharmacy occupied by Eckerd Corporation (100% owned subsidiary of Rite Aid Corporation) dba Rite Aid Pharmacy (the “Property” or “Asset”) located in North East (Erie MSA), Pennsylvania. Rite Aid, the third largest pharmacy chain in the United States, operates more than 2,300 retail pharmacy locations across 17 states with a workforce of more than 50,000 strong. The company is publicly traded on the New York Stock Exchange under the ticker symbol RAD. The Asset has operated as a pharmacy since 1992, with Eckerd Corporation (Rite Aid Pharmacy) taking over the lease and operating at the site since 1997. Rite Aid showed further commitment to the Property with a recent lease amendment, extending the lease expiration from January 2027 out to January 2033. The Asset is now subject to a long-term double net lease through January 2033, with an 8.00% rent increase in 2027, and three (3) five (5) year renewal options. This offering presents the opportunity to acquire a stabilized, essential asset with a passive ownership structure for +/-10 years and outstanding security in the value of the underlying real estate.

Investment Highlights

  • Long term passive lease with Rite Aid, America's third largest pharmacy chain
  • The Asset is subject to a NN lease with + /-10.0 years of term remaining and an 8% rent increase on 01/31/2027, providing a passive investment structure with income appreciation over the primary term
  • Prime frontage on Main Street, the East/West arterial running through North East
  • The Asset is located on the front pad of a Sander's Market grocery anchored center, the only supermarket grocer in North East
  • The Asset features two access points off Main Street and two drive thru windows, providing for easy and efficient access for its customers
  • Rite Aid has operated at the site since 1997 and further committed to the Property with a recent lease amendment, extending the lease expiration from January 2027 out to January 2033

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s) PA: RM424190

    Pennsylvania

Listing Price: $396,000

Cap Rate
6.00%
Tenant Name
Rite Aid
Years Remaining On Lease
10.0
Guarantor
No Guarantee
Rentable SF
864
Lease Type
Double Net
Rent Per Square Feet
$27.50

Investment Highlights

  • Long term passive lease with Rite Aid, America's third largest pharmacy chain
  • The Asset is subject to a NN lease with + /-10.0 years of term remaining and an 8% rent increase on 01/31/2027, providing a passive investment structure with income appreciation over the primary term
  • Prime frontage on Main Street, the East/West arterial running through North East
  • The Asset is located on the front pad of a Sander's Market grocery anchored center, the only supermarket grocer in North East
  • The Asset features two access points off Main Street and two drive thru windows, providing for easy and efficient access for its customers
  • Rite Aid has operated at the site since 1997 and further committed to the Property with a recent lease amendment, extending the lease expiration from January 2027 out to January 2033

Investment Overview

Marcus and Millichap is pleased to offer for sale the fee simple interest in a freestanding, single-tenant pharmacy occupied by Eckerd Corporation (100% owned subsidiary of Rite Aid Corporation) dba Rite Aid Pharmacy (the “Property” or “Asset”) located in North East (Erie MSA), Pennsylvania. Rite Aid, the third largest pharmacy chain in the United States, operates more than 2,300 retail pharmacy locations across 17 states with a workforce of more than 50,000 strong. The company is publicly traded on the New York Stock Exchange under the ticker symbol RAD. The Asset has operated as a pharmacy since 1992, with Eckerd Corporation (Rite Aid Pharmacy) taking over the lease and operating at the site since 1997. Rite Aid showed further commitment to the Property with a recent lease amendment, extending the lease expiration from January 2027 out to January 2033. The Asset is now subject to a long-term double net lease through January 2033, with an 8.00% rent increase in 2027, and three (3) five (5) year renewal options. This offering presents the opportunity to acquire a stabilized, essential asset with a passive ownership structure for +/-10 years and outstanding security in the value of the underlying real estate.

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s): PA: RM424190

    Pennsylvania

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