Uniontown, PA
- Rite Aid is currently paying $9.45 /sf in rental rate, which aligns with the local retail rent of $9.50/sf.
- The subject property supports a rent-to-sales ratio of 1.35%.
- Rite Aid restructured its lease, effective November 1, 2023, to remain open and operational throughout the Chapter 11 proceedings.
- Rite Aid has two 5-year options to extend their lease, each with 10% rental increases.
- Rite Aid has operated successfully at this location since 1988, marking over 36 years of continuous operation.
We are pleased to offer for sale the Rite Aid property located at 262 Connellsville St, Uniontown, Pennsylvania ("The Property"). Rite Aid has operated successfully at this location since 1988, marking over 36 years of continuous operation. Recently, Rite Aid restructured its lease, effective November 1, 2023, to remain open and operational throughout the Chapter 11 proceedings, underscoring its long-term commitment to the site.
After the recent restructuring, Rite Aid has 3 years remaining on the primary term, with 2 (5-year) options to extend, with 10% increases in the rent. Rite Aid is currently paying $9.45 /sf in rental rate, which aligns with the local retail rent of $9.50 /sf. This provides investors the unique opportunity to acquire a high-yield, national drugstore tenant with replaceable rental rates. The next 10% increase is January 1st, 2028. The Subject Property supports a rent-to-sales ratio of 1.35%, which is healthy for drugstore properties.
