- Rite Aid recently executed a 10-year lease extension with increases in the primary term and extension options, including a 11.7%increase at the first extension option.
- This is an absolute net lease with no landlord responsibilities whatsoever and 20 years of operating history with strong customer base.
- Across from Walgreens making this a strategic location and directly on George Washington Memorial Highway, the only thoroughfare connecting to Norfolk-Virginia Beach-Newport News MSA, one of the strongest military bases in the country.
Pharma Property Group is pleased to exclusively market for sale a single tenant absolute NNN Rite Aid property located Hayes, Virginia. Rite Aid has been operating at this location for 20+ years and just agreed to an additional 10 years of term through October 2034, which further demonstrates their commitment to the site. The lease is true absolute net with no landlord responsibilities whatsoever and provides for rental increases in the initial term and at each of the 5-year extension options, including a 11.7% increase at the first extension option.
The 14,842 square foot building is located just off George Washington Memorial Highway (33,000 VPD) which is the main retail corridor in the area and is the only thoroughfare connecting the Middle Peninsula South into Yorktown and Newport News. It is also positioned directly across from a Walgreens which makes this a strategic location for both tenants.
Across the Highway is York River Crossing Shopping Center, a long standing 161,000 square foot community shopping center which is the only center of its size in the area. National tenants in this corridor also include Wells Fargo, Family Dollar, Taco Bell, AutoZone, Dollar General, Advance Auto Parts and Food Lion.