Available $7,500,000 - Retail - Single Tenant
Investment Offering & Highlights
- CORPORATE BACKED LONG TERM LEASE
Rite Aid signed a 20 year lease in March of 2009 leaving over 10 years remaining on the initial lease term
- RENT INCREASES
5% rent increases between each of the renewal options
- AFFLUENT COMMUNITY
Average household income exceeds $137,000 (over 69% above national average)
- EXCELLENT EXPOSURE ALONG MAIN TRAFFIC CORRIDOR
Combined daily traffic counts exceed 24,000 vehicles
- ADJACENT TO CAMERON PARK ESTATES
New residential development consisting of 41 single-family homes that breaks ground in spring of 2019. Homes starting at $500,000+
- RITE AID WELLNESS FORMAT
Signalized hard corner location with drive thru
The subject property is a 17,272 square foot Rite Aid located in the Cameron Park community of Sacramento, California.
Rite Aid signed a 20 year corporate backed lease, which commenced in March of 2009, leaving over 10 years remaining on their initial lease term. The lease provides for five percent rent increases between each of the six 5-year renewal options. Rite Aid, which is publicly traded on the New York Stock Exchange under the ticker symbol “RAD”, boasted annual revenues in excess of $21 billion as of June, 2018. The Tenant has shown commitment to the site by introducing their Wellness format into this location. Rite Aid’s Wellness Stores provide an expanded offering of clinical pharmacy services and wellness products in addition to medication therapy management, private consultation rooms and a number of other services (see page 13 for a complete list).
Located at the signalized intersection of Green Valley Road and Cameron Park Drive, the subject property features excellent exposure along the area’s main retail corridor with surrounding retailers including Starbucks, Mountain Mike’s, Goodwill, CVS, Metro PCS, Western Union and numerous others. The site is adjacent to the Cameron Park Estates, a new residential development consisting of 41 single-family homes, with estimated values of $500,000+ per home. The development is slated to break ground in the spring of 2019. The surrounding community boasts average household income in excess of $137,000 within a five mile radius, a figure which is over 69% above the national average. This densely populated area is home to over 58,000 residents within a five mile radius and is anticipated to grow by 15% over the next five years.
- Price: $7,500,000
- Cap Rate: 6.40%
- Lease Term: 10.5 Years Remaining
- Building Size: 17,272 SF
- Year Built: 2009
- Status: Available