Rite Aid
Boston, MA
Price: $5,000,000Cap Rate: Building SF: 13,663Lot Size: 1.40 AcresYear Built: 1999Status:

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Investment Highlights: 

 

Absolute Net Lease with Corporate Guaranty -The lease is guaranteed by Rite Aid Corporation (NYSE: RAD), the 3rd largest drugstore chain in the United States. Additionally, Rite Aid operates over 4,600 stores across 31 states and the District of Columbia and has a reported market cap of $7.15 Billion.

Commitment to the Site -This store was one of the first locations to be converted to Rite Aid’s Wellness format in 2012, demonstrating their commitment to this location.

Below Market Rent/Excellent Rent Growth -Rite Aid is currently paying $20 PSF in rent, which is roughly 20% below rents in this submarket. In addition, the lease features 10% rental escalations every 10 years in the primary term (10% rent bump in August 2018) and 10% rental escalations in every option period.

Strategic Location/Close to Transit -The subject property resides in the Cleary Square District, Hyde Park’s main shopping and business center. Retailers in the area include Shaw’s Market, McDonald’s, Subway, Citizens Bank, Dunkin Donuts, Family Dollar, Bank of America, Autozone, US Post Office, and Papa Gino’s Pizzeria. The building also sits within 50 feet of the Hyde Park commuter rail station and is across the street from Blake Estates I, a Senior Living community with 175 units.

Excellent Demographics – Infill location with nearly 150,000 people and an average household income of $85,520 within 3 miles. In addition, over 22,000 people over age 65 within 3 miles, helping to fuel prescription sales.

 

 

 

 


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977