- Rite Aid recently executed a 10-year lease extension with rental increases in the primary term and extension options, including a 13.3% increase at the first extension option.
- 25 years of operations with strong customer base. No other standalone national retail pharmacies within a 3-mile radius.
- Solid employment base within a 7-mile radius including General Motors, University of Michigan, Hurley Medical Center and Mott Community College.
Pharma Property Group is pleased to exclusively market for sale a single tenant Rite Aid property located in Burton, Michigan. Rite Aid has been operating at this location for 25+ years and just agreed to add an additional 10 years of term through April of 2034, which further demonstrates their commitment to the site. There are rental increases in both the primary lease term and extension options, including a 13.3% increase at the first extension option.
The store benefits from limited competition as it is the only freestanding Rite Aid, Walgreens or CVS in a 3-mile radius and is an anchor to this neighborhood as the main freestanding drugstore location south of Interstate 69. Within its immediate 2-mile trade radius it is the only freestanding national brand drugstore servicing over 4,500 households.
The 11,010 square foot building is located just 5 miles from downtown Flint which is home to several large employers which include General Motors, University of Michigan and Hurley Medical Center with a combined staff of more than 11,500. Other nearby national retailers include Chase, Family Dollar, Little Caesars, McDonalds and Walmart Supercenter.