Property details
Credit Lease, Great Lakes - Big Rivers Region
Property Description
• Credit Lease to a single tenant Rite Aid
• Strong corner location with traffic light access
• Strategic location in dense population
Attractive credit net lease, single tenant prototype located at a prime community intersection with traffic light access. Has a 20 year initial lease ending December 31, 2016 with 6 5 year extensions including a $1.00 SF credit rental increase with each extension. This store produces solid sales, being located in the heart of the community. Percentage rent equally 2% of gross sales, excluding prescriptions, against natural break. Tenant responsibilities include most repairs and maintenance, all property taxes and insurances. Low Lessor responsibilities include structure and roof. Roof carries a transferable warranty. Rite Aid is one of the three leading credit national drugstore chains with nearly 5,000 stores and over $24B in Revenues.
This credit lease property is in the heart of this city that has a population of 50,000+, it is also considered part of a greater metropolitan area (pop. 1,000,000+). Long term companies located are located in the area. The growth pattern for area development has enjoyed an increase of 163% over the previous 5 years.
What does Credit Lease mean?
Would you lease your property to a credit tenant or not? A credit lease is a lease you can take to your bank with confidence in knowing that your bank welcomes a credit lease over a non-credit-lease any day of the week.
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Images
Highlights
- Status:
- Available
- Price:
- $2,026,858
- PSF:
- $179
- Cap Rate:
- 8.50%
- Annual Rent:
- $172,283
- Rent Increases:
- 6 5 year extensions including a $1.00 SF rental increase with each extension.
Property Information
- Building Size:
- 11,335 sq.ft.
- Property Type:
- Net Lease
- Industry Type:
- Drug - Pharmacy
- Units/Spaces:
- 1
- Year Built:
- 1996
- Land Area:
- 1.19 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Rite Aid
- Lease Type:
- NN
- Lease Commencement:
- 12/31/1996
- Lease Expiration:
- 12/31/2016
- Lease Term:
- 20 years
- Years Remaining:
- 7 years
- Landlord Responsibilities:
- NN - Low Lessor responsibilities include structure and roof.
- Options:
- 6 5 year extensions including a $1.00 SF rental increase with each extension.
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.