rite aid 490 hurffville - crosskeys road sewell, new ...€¦ · location. the lease is absolute...
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RITE AID490 Hurffville - Crosskeys RoadSewell, New Jersey 08080
NET LEASE INVESTMENT OFFERING
TABLE OF CONTENTS
II. Location Overview Photographs Aerial Site Plan Map
III. Market & Tenant Overview Demographic Report Market Overview Tenant Overview
I. Executive Profile Executive Summary Investment Highlights Property Overview
NET LEASE INVESTMENT OFFERING
TABLE OF CONTENTS
DISCLAIMERSTATEMENT:
The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and/or Lee & Associates and should not be made available to any other person or entity without the written consent of The Boulder Group and/or Lee & Associates.
This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group and Lee & Associates has not made any investigation, and makes no warranty or representation.
The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group and Lee & Associates have not verified, and will not verify, any of the information contained herein, nor has The Boulder Group or Lee & Associates conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NET LEASE INVESTMENT OFFERING
DISCLAIMER STATEMENT
EXECUTIVESUMMARY:
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Rite Aid property located in Sewell, New Jersey. Rite Aid signed a new 10-year lease, demonstrating the tenant’s commitment to the location. The lease is absolute triple net and features zero landlord responsibilities. There are two 5-year renewal option periods with rental escalations in each option period. The property also features a drive-thru pharmacy. Rite Aid has a long operating history at this location since 1997.
The 10,752 square foot Rite Aid benefits from its hard corner location along Hurffville - Crosskeys Road which is a primary north-south thoroughfare. The property is located in close proximity to Jefferson Washington Township Hospital a 230 Bed hospital. Jefferson Washington Township Hospital plans to undergo a $205 million expansion, adding a new multi-level hospital tower with private rooms and a 700-space parking facility. Retailers in the immediate area include Walmart Supercenter, Target, Lowe’s, Regal, Home Depot, Sam’s Club and Wells Fargo. There are 152,879 people living within five miles of the property with an average household income of $98,613.
The Rite Aid lease expires February 28, 2029 and features two 5-year renewal option periods with $0.83 PSF rental escalations in each option. Rite Aid Corporation operates 2,526 stores in the United States. Rite Aid Corporation was founded in 1962 and is headquartered in East Pennsboro Township, Pennsylvania. Rite Aid is publicly traded on the New York Stock Exchange using the symbol “RAD”.
NET LEASE INVESTMENT OFFERING
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS:
• Rite Aid just signed a new 10 year lease, demonstrating the tenant’s commitment to the location
• Absolute NNN with zero landlord responsibilities
• Located at the hard corner of a signalized intersection
• Positioned near Jefferson Washington Township Hospital a 230 Bed hospital
• Jefferson Washington Township Hospital plans to undergo a $205 million expansion, adding a new
multi-level hospital tower with private rooms and a 700-space parking facility
• Retailers in the immediate area include Walmart Supercenter, Target, Lowe’s, Regal, Home Depot, Sam’s
Club and Wells Fargo
• 152,879 people living within five miles of the property with an average household income of $98,613
NET LEASE INVESTMENT OFFERING
INVESTMENT HIGHLIGHTS
PROPERTY OVERVIEW:
NET LEASE INVESTMENT OFFERING
Price: $2,605,088
Cap Rate: 6.80%
Net Operating Income: $177,146
Lease Expiration Date: February 28, 2029
Rental Escalations: $186,003 – First Option $194,860 – Second Option
Renewal Options: Two 5-Year
Lease Type: Absolute NNN
Tenant: Rite Aid
Year Built: 1997
Building Size: 10,752 SF
Land Size: 1 AC
PROPERTY OVERVIEW
NET LEASE INVESTMENT OFFERING
PHOTOGRAPHS
NET LEASE INVESTMENT OFFERING
AERIAL
NET LEASE INVESTMENT OFFERING
DRIVE
THRU
H U R F F V I L L E - C R O S S K E Y S R DGA
NT TO
WN
RD
SITE PLAN
MAPMAP
NET LEASE INVESTMENT OFFERING
MAP
DEMOGRAPHICREPORT:
NET LEASE INVESTMENT OFFERING
Population 1-Mile 3-Mile 5-Mile
Total Population 8,957 63,121 152,879
Total Households 3,251 22,297 53,741
Income 1-Mile 3-Mile 5-Mile
Average Household Income $89,808 $110,807 $98,613
DEMOGRAPHIC REPORT
MARKETOVERVIEW:
Sewell, New JerseySewell is an unincorporated community within Mantua Township in Gloucester County, New Jersey, United States. It is named for United States Senator William Joyce Sewell. As of the 2010 United States Census, the population was 37,433.
Sewell is notable for containing the Inversand marl pit, the last operational greensand mine in the world. The location has become renowned for its paleontology and is similar to many of the sites studied by early paleontologists, particularly Edward Drinker Cope. It is also home to the Barnsboro Inn, the oldest bar in New Jersey. Sewell is also home to Rowan College at Gloucester County and the Gloucester County Institute of Technology, both located within Deptford Township.
NET LEASE INVESTMENT OFFERING
MARKET OVERVIEW
Rite AidRite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. The company sells prescription drugs and a range of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products. It also offers health coaching, shared decision making tools, and health care analytics, includ-ing health coaching for medical decisions, chronic conditions, and wellness; population analytic solutions; and consulting services. The company offers its products to customers covered by third party payers, such as insurance companies, prescription benefit management companies, government agencies, private employers, and other managed care providers. It has a strategic alliance with GNC.
Rite Aid Corporation operates 2,526 stores in the United States. Rite Aid Corporation was founded in 1962 and is headquartered in East Pennsboro Township, Pennsylvania. Rite Aid is publicly traded on the New York Stock Exchange using the symbol “RAD”.
Website: www.riteaid.comFounded: 1962Number of Locations: 2,526Stock Symbol: RAD (NYSE)Standard & Poor’s Rating: BHeadquarters: East Pennsboro Township, Pennsylvania
TENANT OVERVIEW:
NET LEASE INVESTMENT OFFERING
TENANT OVERVIEW
3520 Lake Avenue, Suite 203Wilmette, IL 60091
www.bouldergroup.com
Randy [email protected]
John FeeneySenior Vice [email protected]
Daniel [email protected]
1 McBride & Son Center Dr, Suite 140St. Louis, MO 63005
www.lee-associates.com