Marcus & Millichap is pleased to present for sale this Net Leased Rite Aid located at 8052 State Route 12, Barneveld, New York in Oneida County, less than an hours drive due East from Syracuse, NY and an hour and a half North West of Albany, NY. The subject property consists of 13,813 square feet that is situated on a very large 2.5 acre parcel of land with full service pharmacy drive-thru window and a Rite Aid Wellness Clinic within the store. This Rite Aid benefits from the strategic location at the signalized intersection of North Gage Road and NY HWY – 12 with a traffic count over 11,000 vehicles per day and an above average household income exceeding $79,000, annually. There is no direct Walgreen’s competition in the area; the closest Walgreen’s is 15 miles away in Utica, NY. There are 7.9 years remaining on the original 20-year, AbsoluteNet-Lease (NNN) where the landlord has no responsibilities to the property. The offering provides a flat initial term with two percent increases in each of the four – five year option periods. Local retailers include Key Bank, Dunkin’ Donuts and Citgo to name a few. Rite Aid ranks third (behind Walgreen and CVS) in the US retail drugstore business, with more than 4,600 drugstores in more than 30 states and the District of Columbia. Rite Aid stores generate roughly 70 percent of their sales from filling prescriptions, while the rest comes from selling health and beauty aids, convenience foods, greeting cards, and more, including some 3,500 Rite Aid brand private-label products. More than 60 percent of all Rite Aid stores are freestanding and over half have drive-thru pharmacies. The company was founded in 1962 and is in negotiations of being purchased by pharmacy leader Walgreen’s Boots Alliance.
■ CORPORATELY GUARANTEED BY RITE AID (NYSE: RAD)
■ S&P B CREDIT RATING
■ 7.9 YEARS REMAINING ON THE INITIAL TERM
■ RITE AID WELLNESS CLINIC WITHIN THE STORE
■ NO DIRECT WALGREENS COMPETITION – CLOSEST WALGREENS IS 15
■ SIGNALIZED INTERSECTION OF N GAGE ROAD & NY HWY – 12