Rite Aid
Jesse Limon
ASSOCIATE
Broker of Record
Sean Beuche License: PA RM424190PROPERTY CONTENT
6.00% CAP | 11,186 SF | MCKEES ROCKS, PA
OPPORTUNITY
Rite Aid Corporation (Nyse: Rad) is one of the nation’s leading drugstore chains and ranked 107 on Fortune 500’s Largest U.S. Corporations, with fiscal 2018 annual revenues of $21.6 billion and a current credit rating of B3. Rite Aid is one of the largest drugstore chains on the East Coast, with approximately 2,466 stores in 19 states, employing more than 48,000 associates across the country.
Rite Aid began in 1962 as a single store opened in Scranton, Pennsylvania named Thrift D Discount Center. After several years of growth, Rite Aid adopted its current name and debuted as a public company in 1968. In 2018, Walgreens Boots Alliance acquired 1,932 Rite Aid stores for $4.38 billion.
In June 2019, Amazon announced the launch of an Online purchase pick-up service at designated counters inside more than 1,500 Rite Aid stores across the U.S. Also in June, Rite Aid announced a new partnership with Adobe to combine personalized health and wellness expertise with digital operational support, seamlessly connecting the pharmacy, retail stores and Online customer experience. Rite Aid will also partner with UNFI to introduce natural and organic items in-store. Rite Aid is extending their partnership with GNC Health through 2021.
Beyond their stores, Rite Aid brings the company’s mission to life through the efforts of The Rite Aid Foundation. Through their long-standing support of Children’s Miracle Network Hospitals and other Rite Aid Foundation efforts, the company has raised and donated over $100 million to kids and their families.
PROPERTY HIGHLIGHTS
- Prime Pharmacy Location with Ample Parking, Busy Drive-Thru and Great Visibility at Signalized Intersection | Minimal Competition - No Walgreens Within Five Miles In Any Direction
- Relocation Store From Smaller, In-Line Across The Street; Existed Since 1980 and Historically Sold Over $4.4 Million in Sales With Limited Parking And No Drive Through
- New Construction with 17-Year NN Lease, Commenced 2016 With Transferable, 15-Year, Roof Warranty (Minimal LL Responsibility)
- Inflationary Hedge with 10 Percent Rental Increases At End Of Year 10, 20, 30, and 40 | Traded on the New York Stock Exchange Under Ticker ‘RAD’ with Over 2,250 Locations in the US and 2018 Revenues of $21.5B
- Zero Competition Location, Suburban Pittsburgh Location-Rite Aid has Dominant Market Share In Allegheny County with 62 Percent of All Drugstore Locations
- Convenient Location Only 8 Miles East of Pittsburgh International Airport “PIT,” Currently Being Rebuilt for $1.1 Billion | Serves Over 8 Million Passengers Annually on 50 Non-Stop Flights
- Huge Surrounding Average HHI of $73,000 within 5-Miles with Projected 5-Year Population Growth of 2.6 Percent to 1,145,400 People within 15-Miles
- Retail Corridor with Kenmawr Plaza Across the Street with Tenants Including McDonald’s, Dollar General, AutoZone, PNC Bank, BP Gas 7-Eleven, Brew Thru Beer Company, Wendy’s, Subway, U-Haul, and Many More
- Strong Local Traffic Location, Benefits from Approximately 11,000 Vehicles Per Day Passing the Subject Property and 60,000 VPD Traveling on Nearby Interstate Highway I-79
- (Source: CoStar, Counts from 2018)
- Healthcare Hub with Property Less than One Mile from Ohio Valley Hospital, a 124-Bed Medical, Surgical, and Teaching Facility with Senior Living and Emergency Services
- Local Recreational Attractions Include Fairhaven Park, Vietmeier Golf Course, Clever Park, and Montour Woods Nature Preserve
- Home to 11 Companies on the Fortune 1000, Pittsburgh’s Economy is Diversified Between Corporate Headquarters, Medicine, Higher Education, Banking and Technology
1700 Pine Hollow Rd, McKees Rocks, PA 15136, USA
Jesse Limon
ASSOCIATE