Saint Marys, OH
- Rite Aid recently executed a 5-year lease extension taking the lease out to 7+ years with rental increases in the primary term and extension options, including a 9.3% increase at the first extension option.
- Only national brand drugstore within 8-mile radius and only Rite Aid location in a 16-mile radius.
- Across from ±348,000 square feet of retail space, adjacent to Grande Lake Healthcare Center with 45 beds and 3 miles from Grand Lake JTD Memorial Hospital with 140 beds.
Pharma Property Group is pleased to exclusively market for sale a single tenant Rite Aid property located in Saint Marys, Ohio. Rite Aid has been operating at this location for 18+ years and just agreed to add an additional 5 years of term through July of 2030, which further demonstrates their commitment to the site. The lease provides for rental increases in the initial term and in each of the 5-year extension options, including a 9.3% increase at the first extension option.
This Rite Aid location benefits from limited competition as it is the only freestanding Rite Aid, Walgreens or CVS servicing the entire Saint Mary's market which consists of roughly 3,400 households. The store is also located directly across the street from the 29-acre St. Mary's Square which is one of two major commercial hubs in Saint Mary's. St. Mary's Square has national retailers of Big Lots, Goodwill, Bath & Body Works, Dollar Tree and Tractor Supply Co. and is anchored by an assembly plant of Celina Tents which is a 25 year old Ohio based company.
The 14,564 square foot building is located near the off ramp of Highway 29 from U.S. Route 33 which is the main highway merge in St. Mary's with Highway 29 being one of the main north/south thoroughfares in the community. Across the street sits the Grand Lake Healthcare Center and about 3 miles to the East is the Joint Township District Memorial Hospital.