Rite Aid For Sale
Up until early 2018 there were about 4,500 Rite Aid stores throughout the country until Walgreens purchased roughly 1,900 Rite Aid stores primarily in the southeast and northeast.
Naturally the volume ofĀ Rite Aid property for saleĀ has declined since there are only 2,500 Rite Aid stores remaining; however, there has also been a decrease in property closings as many investors are shying away from the chain due to credit downgrades and overall company health.
Rite Aid properties have been difficult to price since there is not much data on company sales. There is a 400 basis point spread on and the demand for them has been sporadic. Most of the Rite Aid for sale that we see closing are more infill locations with smaller price points that have inline market rents and a reasonable price per square foot.
After the sale of nearly half of the Rite Aid chain the majority of the stores remain in the northeast and west coast markets. The stores for sale in infill California markets are occasionally inline anchor locations and have a larger foot print than a typical freestanding drugstore. Most of the other Rite Aid locations for sale in secondary or tertiary markets of California and in the state of Washington are more typical freestanding drive thru buildings.
Rite Aid property for sale typically has 20 year initial terms with 5 or 10 year option periods.
Many Rite Aid leases can have up to 10% increases in the options or occasionally in the primary lease term which is much more than the typical Walgreens or CVS leases. As Walgreens continues to either re-brand or close the 1,900 plus Rite Aid stores they purchased, there should begin to be more clarity and predictability with Rite Aid properties for sale. This stability should lead to a more consistent pricing market for Rite Aid properties allowing for lenders and investors to come back to purchasing Rite Aid properties on a regular basis as in the past.
- Two blocks north of the West Campus of Maine's State Capitol Buildings.
- Two Government campuses totaling 1.59 million square feet within a 1-mile radius.
- Maine General Health's Augusta Hospital is the largest private employer serving 88 cities in the region.
- Augusta and its downtown area are Designated Opportunity Zones.
- Walgreens signed a new 15-year lease with 5% increases every 5 years.
- Zephyrhills is the largest city in Pasco County and has seen a 29% population increase since 2010.
- Over 950 new homes under construction within 2 miles of the Subject property.
- Florida's absence of state income tax makes it an attractive location for investment
- There are 7 assisted living facilities within 3 miles of the Subject Property to accommodate the 70% of the Zephyrhills population that are 50 years old and older.
- New developments within 2 miles include Evolve at Waterford, Exchange at Westgate, Brunswick Forest and Inspire at Brunswick Forest totaling 1,178 units.
- 1 million square feet of retail space in the immediate 1-mile radius anchored by Aldi, Harris Teeter and Walmart Supercenter.
- Located on a signalized corner with frontage on Ocean Highway E (56,000 VPD) and with direct access to Andrew Jackson Highway NE (71,000 VPD).
- Lelandās population increased 70% from 2010 to 2020 and is currently growing at a rate of 8.25% annually.
- Positioned less than 2 miles from Novant Health Brunswick Forest Medical Plaza which services the Greater Leland market.
- With a 2.5% corporate tax rate, North Carolina is continually ranked as one of the best business climates in the United States. CNBC named the state as Americaās top state for business.
- This is the only Walgreens or CVS for over 13 Miles.
- Purcell Municipal Hospital, a brand new $18 million state-of-the-art facility opened in 2022.
- The property benefits from its position on the signalized hard corner of West Washington Street and Green Ave which is the main thoroughfare running through Purcell.
- The Property is located just east of I-35, which serves as the main connector between Oklahoma City to Fort Worth/ Dallas.
- The 5-mile population has grown over 10% over the past four years and is projected to continue expanding at over 3% through 2029.
- Chickasaw Nation Purcell Health Clinic employs approximately 100 employees and serves more than 10,000 patients every year.
- Within a 5-mile radius, the population is Ā±365,021 residents within Ā±154,024 households.
- Ohio State University is located about 3 miles from the Property and enrolls Ā±60,000 students.
- The Property sits two blocks from Northern Lights shopping center, a 360,471 square foot mall.
- CVS is located directly across the street making this a strategic location for both CVS and Walgreens. CVS has closed its retail portion of the store and only the pharmacy remains open.
- Nationwide and JP Morgan Chase employs over 35,000 employees in the Columbus market, with Intel recently announcing a $20 billion local investment in manufacturing, creating over 10,000 new jobs.
- Columbus, Ohio is the 7th largest economy in the United States, and Ohio has 0% state corporate income or profits tax.
- Walgreens signed a new 15-year lease with 5% increases every 5 years.
- Southernmost Walgreens location in Santa Clarita Valley, 1 of only 4 Walgreens serving over 221,345 residents.
- Los Angeles County is the most populous county in the United States with over 9.7 million residents as of 2023.
- Approximately 28,000 households in the immediate 3-mile trade radius, with an average household income of over $100,000.
- Located off I-5 (180,000 VPD) on a highly visible signalized intersection with over 63,000 vehicles daily.
- Walgreens acquired this store from Rite Aid and rebranded it as a preferred location in 2019.
- Located on the east side of the Hudson River at the entrance to The Troy Waterford Bridge (11,000 VPD). The bridge connects to Highway 32 and leads south to meet with Interstate 787 (Ā±79,000 vehicles per day).
- There are over 4 years remaining on the lease term with 4 (5-year) options and Ā±5% increases at the beginning of each five-year option.
- Samaritan Hospital, a 277-bed hospital with over 1,400 physicians and medical staff that serves the areas of Troy, Albany and Schenectady is located 4.5 miles south of the property.
- Located twelve miles north of Albany and part of the Albany MSA with a population of over 1,239,000 people which has the largest year over year increase in population among New Yorkās 13 metro areas.
- Close proximity to Rensselaer Polytechnic Institute (RPI), a school district that employs about 600-700 individuals and serves approximately 4,000 students across its elementary, middle, and high schools.
- Two blocks north of the West Campus of Maine's State Capitol Buildings.
- Two Government campuses totaling 1.59 million square feet within a 1-mile radius.
- Maine General Health's Augusta Hospital is the largest private employer serving 88 cities in the region.
- Augusta and its downtown area are Designated Opportunity Zones.
- Infill Houston MSA demographics with Ā±500,000 people in Ā±189,000 residences with an average HH income of $80,0134 in a 5-mile radius.
- Directly across the corner from an emergency room connected to the HCA Houston Hospital System.
- Highly visible and trafficked signalized corner with a combined traffic count of Ā±74,416 vehicles per day.
- There are Ā±37 multi-housing complexes with over 11,500 units and 15 hotels with over 1,200 rooms all within a 1-mile radius.
- The lease operates on an absolute net leased basis and there are no landlord responsibilities whatsoever.
- Located within Westchase Business District which is home to large corporations such as Honeywell, Chevron, Dow Chemical and Phillips 66 with Ā±16M square feet of office space within a 4-mile radius.
- Absolute net lease with no landlord responsibilities whatsoever.
- One mile west of Interstate 4 with 130,000 vehicles per day.
- Medical corridor location just a half mile from Debary Health & Rehabilitation Center (120 Beds).
- Just north of Orlando near Disney World and Daytona Speedway.
- Amazon fulfillment center nearby with 1 million square foot facility 7 miles northeast and 130-acre Portland Industrial Park coming in 2024.
- Walgreens signed a new 15-year lease with 5% increases every 5 years.
- Zephyrhills is the largest city in Pasco County and has seen a 29% population increase since 2010.
- Over 950 new homes under construction within 2 miles of the Subject property.
- Florida's absence of state income tax makes it an attractive location for investment
- There are 7 assisted living facilities within 3 miles of the Subject Property to accommodate the 70% of the Zephyrhills population that are 50 years old and older.
- Walgreens has exceptional annual reported salesĀ and a 14+ years of operating history.
- No immediate national drugstore chain competition with the next closest national chain drugstore being a CVS 91 miles west and the closest Walgreens is 98 miles east.
- District 177, a $75 Million redevelopment project located across the street including 96 apartments and Ā±480K SF of street-level retail space.
- Great Plains Health Hospital is located 1 mile southwest with 116 beds, 1,100 employees and 183K patients per month.
- Sustainable Beef's $325 Million facility is located 2.5 miles southeast and is opening Summer 2025 with 500K SF and projected to add 875 new jobs.
- Dense retail corridor with 1.6 million square feet of retail space in a 1-mile radius.
- Near Union Pacific's Bailey Yard, the largest railroad yard in the world with 14K rail cars per day.
- Lease allows for 5% rental increases every five years through 2049 with the next rental increase in May 2025.
- Beaumont Hospital is located just one block south of subject property with 148 beds and 1,094 employees.
- Over 16 million square feet of industrial space within a 3-mile radius and 2.3 million square feet of retail space within a 2-mile radius.
- Infill Detroit Metro demographics with Over 244,000 residents within 97,686 households in a 5-mile radius with an average household income of $71,255.
- Located just south of I-94 (155,000 VPD) on the corner of Telegraph Road and Wick Road with a combined traffic count of 66,422 vehicles per day.
- Approximately 4 miles east of Detroit Metropolitan Airport with 36.7 million annual passengers and over 1,100 flights daily.
- Just 8 miles southwest of Ford's 16M square foot world headquarter campus.
- Located less than half a mile from the Kalamazoo Event Center, a $300 million project expected to break ground in November of 2024.
- Close proximity to WMU which consists of 22,500 students and employs 803 faculty as well as Kalamazoo College with 1,378 students.
- In 2014, Walgreens relocated to this site, building a new prototype store in a high-barrier-to-entry market to enhance visibility, with approximately 42,000 vehicles passing by daily.
- The Kalamazoo area serves as headquarters for Fortune 500 companies Stryker & Zoetis, with over Ā±1.2 million square feet in office/warehouse space. Additionally, Pfizer maintains a substantial presence in the region with their 1,300-acre manufacturing facility.
- Located less than two miles from the subject property, Bronson Methodist Hospital consists of 434 beds and operates on a 28-acre campus.
- Central Business District, which is located in Downtown Kalamazoo, is home to over 1,000 businesses in the surrounding area.
- Within a 10-mile radius there is Ā±61.8M square feet of industrial space including distribution and manufacturing for companies such as Amazon, Starbucks, DHL, FedEx, and Post.
- Property is located across the corner from CVS making this a strategic location for both Walgreens and CVS.
- Interstate 83 is blocks from the Property with a traffic count of Ā±79,000 vehicles per day.
- Within a 3-mile radius, the average household income is $81,069 and the population is 153,292 residents in a 5-mile radius.
- Located 2 miles northwest is WellSpan York Hospital, a teaching hospital with 593 beds and over 5,000 medical staff and employees.
- Two blocks south is York County School of Technology with Ā±1,700 students and Ā±120 staff.
- Within a 2-mile radius there are 8 senior housing facilities totaling approximately Ā±388,898 square feet.
- New developments within 2 miles include Evolve at Waterford, Exchange at Westgate, Brunswick Forest and Inspire at Brunswick Forest totaling 1,178 units.
- 1 million square feet of retail space in the immediate 1-mile radius anchored by Aldi, Harris Teeter and Walmart Supercenter.
- Located on a signalized corner with frontage on Ocean Highway E (56,000 VPD) and with direct access to Andrew Jackson Highway NE (71,000 VPD).
- Lelandās population increased 70% from 2010 to 2020 and is currently growing at a rate of 8.25% annually.
- Positioned less than 2 miles from Novant Health Brunswick Forest Medical Plaza which services the Greater Leland market.
- With a 2.5% corporate tax rate, North Carolina is continually ranked as one of the best business climates in the United States. CNBC named the state as Americaās top state for business.
- Both the store and pharmacy are open 24 hours a day, with strong sales figures of Ā±$3.25 million being reported.
- Ranked in the top 10% of all Walgreens nationwide in customer visits, according to Placer.Ai.
- CVS is located directly adjacent to the subject property with the next nearest Walgreens over 11 miles to the east.
- Located two miles east of Jefferson Memorial Hospital.
- Oshkosh Corporation, a Fortune 500 company, has a 500,000 square foot facility in Jefferson City and employs approximately 300 employees.
- Walgreens benefits from being located in a 964,000 SF retail corridor with nearby national tenants such as Tractor Supply Co., CVS, Walmart Supercenter, Lowes, Dollar General, O'Reilly, Advance Auto Parts, and Food City.
- Cherokee Reservoir is located 2.5 miles to the north and attracts 1 to 2 million visitors annually.
- Within a 5-mile radius, the population consists of 224,973 residents with an average household income of $110,554.
- Walgreens exercised an option early in 2021 showing commitment to this location.
- A rental increase is scheduled in the fixed term on January 1, 2027 to $291,500.
- Located at the signalized corner of San Pablo Avenue and Richmond Parkway with a combined traffic count of Ā±46,000.
- Walgreens is paying $19.13 annual rent per square foot which is below market for the area.
- Walgreens extended this lease by 10 years in March of 2024 showing commitment to this location.
- This is an absolute net lease with no landlord responsibilities whatsoever.
- Walgreens is reporting exceptional sales volumes at this location.
- The lease allows for 5% rental increases at each of the options.
- Within a 5-mile radius, the household income is $117,632 with a population of 128,470 residents.
- More than 1 million square feet of medical space in a 5-mile radius including WakeMed Hospital (61 beds) located 3.6 miles southwest and UNC Rex Healthcare Surgery Center (outpatient) just 1.3 miles northeast.
- Over 2,000 apartment units within a 1-mile radius including two blocks from an independent senior living complex with 121 units.
- Walgreens recently committed capital at this location for interior renovations to the pharmacy and an addition of a private health room for pharmacists to provide pharmacy customers with consultation and medication instructions, demonstrating their long-term commitment to the location.
- According to Placer.AI, this location is rated #1 in customer visits of Walgreens stores in a 50-mile radius.
- This store will benefit from an expanded script base as Walgreens recently acquired all of Rite Aidās files in the Lima Market.
- One of only two Walgreens serving over 101,000 residents.
- Open two hours later than competing Walgreens in Lima.
- Located 1.5 miles from Mercy Health-St. Ritas Medical Center with 3,000 employees.
- Over 2.6 million square feet of retail space within 1.5 miles of the Property.
- Walgreens has a history of strong reported sales volumes at this location.
- Less than 1 mile of ThedaCare Regional Medical Center which is the region's largest employer (7,000+ employees, 172 beds).
- Dense retail and industrial trade area with 6.2 million square feet of retail space and 8.3 million square feet of industrial space in a 3-mile radius.
- Located directly across the street from Edenbrook Nursing Home (150 beds) and 0.7 miles from Rennes Health and Rehabilitation Center (88 beds).
- Appleton is the 6th largest city in Wisconsin with a population of 143,000 in a 5-mile radius.
- Located at the signalized hard corner with strong combined traffic count of 30,000 VPD and blocks from Interstate 41 with traffic count of 76,200 VPD.
- Recent 10 Year Extension showing Walgreens commitment to this location.
- This Walgreens benefits from limited competition with no other Walgreens for over 11 miles, and no competing CVS for over 2 Miles.
- Property is located within the Philadelphia-Camden-Wilmington Metropolitan Statistical Area, the 8th largest MSA in the United States with a population of over 6.2 million people.
- The average household income within a 1-mile radius is $107,926, within a 3-mile radius it is $104,930 and within a 5-mile radius it is $112,191.
- Apart from Walgreens, the three additional tenants have lease expirations over the next few years providing a potential value add component.
- This is the only Walgreens or CVS for over 13 Miles.
- Purcell Municipal Hospital, a brand new $18 million state-of-the-art facility opened in 2022.
- The property benefits from its position on the signalized hard corner of West Washington Street and Green Ave which is the main thoroughfare running through Purcell.
- The Property is located just east of I-35, which serves as the main connector between Oklahoma City to Fort Worth/ Dallas.
- The 5-mile population has grown over 10% over the past four years and is projected to continue expanding at over 3% through 2029.
- Chickasaw Nation Purcell Health Clinic employs approximately 100 employees and serves more than 10,000 patients every year.
- Over 12 million square feet of industrial space in a 5-mile radius including major companies like Hyundai and FedEx.
- Opposite corner to CVS and next Walgreens 4.4 miles away making this a strategic location for both Walgreens and CVS.
- There are 844 multifamily units within the immediate 1-mile radius.
- Centrally located between three major interstates that connect Shreveport west to Dallas/Ft. Worth, TX, south to Baton Rouge/New Orleans, LA and west to Jackson, MS.
- Within two blocks of the property are located a high school, junior high and elementary school with a combined 2,481 students.
- Just 3 miles west of Shreveport Regional Airport with 560,000 annual passengers.
- The Property is located in a designated Opportunity Zone.
- Within a 5-mile radius, the population is Ā±365,021 residents within Ā±154,024 households.
- Ohio State University is located about 3 miles from the Property and enrolls Ā±60,000 students.
- The Property sits two blocks from Northern Lights shopping center, a 360,471 square foot mall.
- CVS is located directly across the street making this a strategic location for both CVS and Walgreens. CVS has closed its retail portion of the store and only the pharmacy remains open.
- Nationwide and JP Morgan Chase employs over 35,000 employees in the Columbus market, with Intel recently announcing a $20 billion local investment in manufacturing, creating over 10,000 new jobs.
- Columbus, Ohio is the 7th largest economy in the United States, and Ohio has 0% state corporate income or profits tax.
- Only free-standing national chain drugstore in Sturgis and only Walgreens for over 15 miles.
- This is the closest national pharmacy to Sturgis Hospital, an 84-bed health center located 1.6 miles from the property.
- Over 16 million square feet of industrial space within a 3-mile radius and 2.3 million square feet of retail space within a 2-mile radius.
- Located with frontage on Centerville Road, with over 16,000 VPD, serving as Sturgis's main North/South thoroughfare.
- Walgreens has been operating at this location for over 19 years.
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Recently Sold Drugstores
- Located in an infill area on main retail corridor leading directly into Downtown Baton Rouge.
- Located on signalized SEC of Florida Blvd. & Lobdell Blvd. with a combined traffic count of Ā±77,903 VPD.
- Subject property is an outparcel to a 725,000 SF office park on 5.15 acres.
- Dense economic region with 7M square feet of retail space, 3M square feet of office space and 2,600 multi-family units within a 3-mile radius.
- Heavily trafficked intersection with traffic count of over 40,000 vehicles per day.
- Affluent neighborhood with about $140,000 household income within a 1-mile radius.
