rite aid -1320 east stroop rd. - kettering, oh · the tenant recently executed their first renewal...
TRANSCRIPT
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KETTERING, OH
1320 EAST STROOP RDKETTERING, OH 45429
OFFERING MEMORANDUM
LISTING AGENTS
INVESTMENT HIGHLIGHTS3 FINANCIAL OVERVIEW4 TENANT OVERVIEW5
TENANT MAP6 AREA OVERVIEW & DEMOGRAPHICS7
JONAH YULISH ASSOCIATE
DIRECT +1 (216) 503-3610
MOBILE +1 (216) 973-1882
LIC # 2018004451 (OH)
KYLE MATTHEWS BROKER OF RECORD
LIC # 2019005179 (OH)
ROBERT GOLDBERG
ASSOCIATE
DIRECT +1 (216) 503-3609
MOBILE +1 (216) 470-1464
LIC # 2018005194 (OH)
BILL PEDERSEN MARKET LEADER
DIRECT +1 (949) 432-4501
MOBILE +1 (831) 246-0646
LIC # 01975700 (CA)
BEN SNYDER EVP & & NATIONAL DIRECTOR
DIRECT +1 (216) 503-3607
MOBILE +1 (614) 975-8822
LIC # 2018002569 (OH)
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• 11,335 SF Absolute NNN Rite Aid • Drive Thru Pharmacy• Positioned at a signalized intersection within the main retail corridor of
Kettering• Zero Landlord Responsibilities• Rite Aid has operated at this location since 1997• Household incomes boast over $60,000 and over 200,000 people living within
a 5-Mile radius. • Situated in between the Kettering School Districts which include: Oakview
Elementary, Van Buren Middle and Kettering Fairmont.
INVESTMENT HIGHLIGHTS
Matthews Real Estate Investment Services™, is pleased to provide the following Offering Memorandum pertaining to the exclusive marketing and sale of a single tenant net leased (STNL) Rite Aid ( the “Property”) is a ±11,335 SF building located in Kettering, OH (Dayton MSA).
The tenant recently executed their first renewal option, thus indicating Rite Aid’s strong commitment to this specific location. The current lease has roughly five years remaining, including another five-year option through the end of 2029. Rite Aid has operated from this location since 1997 with proven results.
Nestled at a signalized intersection along E. Stroop Road this is the primary thoroughfare running east-west. Other surrounding retailers in the corridor include: Trader Joes, Meijer, Kroger, Chick-Fil-A, McDonald’s, and Chipotle amongst many others. Kettering the largest suburb of Dayton, boasts demographics that include over 200,000 people living within five miles.
THE OFFERING
Investment Highlights
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RITE AIDFinancial Overview
PROPERTY SUMMARY
Property Address 1320 E Stroop Rd
City Kettering
State OH
Zip 45429
County Montgomery
GLA (SF) ±11,335
Lot (AC) ±1.24
Lot (SF) ±54,014
Year Built 1997
APN N64-04521-0005
LEASE SUMMARY
Tenant Rite AidStore Number 3139Type of Ownership Fee SimpleLease Guarantor CorporateLease Type NNNOriginal Lease Term 22 Lease Date 8/28/97Lease Commencement Date 8/28/97Lease Expiration Date 9/30/24Next Termination Option 9/30/24Term Remaining ±4.25Increases Option Rent IncreaseOptions 1x5: $251,354.64
Term Lease Years Annual Rent Monthly Rent Rent PSF Increase Cap Rate
Current 23-27 $239,929.44 $19,994.12 $21.17 - -
Option (1x5) 28-32 $251,354.64 $20,946.22 $22.18 4.76% 10.05%
ANNUALIZED OPERATING DATA
LIST PRICE$2,500,000
CAP RATE 9.60%
RITE AIDKETTERING, OH
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KETTERING, OHTenant Map
W I L M I N G T O N P I K E± 2 0 , 0 0 0 V P D
E . S T R O O P R D± 1 6 , 0 0 0 V P D
N . M A R S H A L L R D± 1 2 , 0 7 3 V P D
E . D O R O T H Y R D± 1 8 , 0 0 0 V P D
F A R H I L L S A V E± 2 5 , 0 0 0 V P D
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RITE AIDKETTERING, OH
Rite Aid is the largest drugstore chain on the East Coast and the third-largest drugstore chain in the United States. Rite Aid has a large presence on the East and West coasts. Rite Aid sells prescription drugs and a wide assortment of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, beverages, convenience foods, greeting cards, and photo processing. The company is publicly traded on the New York Stock Exchange under the ticker symbol RAD.
In 2013, Rite Aid was the #1 Fortune 500 retail stock and the #3 overall Fortune 500 stock. In 2011, Rite Aid was ranked #100 on Fortune 500 largest US corporations. In 2018, Rite Aid transferred ±1,932 stores and three distribution centers to Walgreens for $4.4 billion cash. As a smaller pharmacy chain, Rite Aid is reducing its focus to the East and West Coasts, focusing primarily on eight states including California, Pennsylvania, Michigan, Ohio, New York, New Jersey, Washington, and, Oregon.
» COMPANY NAMERITE AID
» INDUSTRYRETAIL
» NO. OF LOCATIONS±2,550
» NO. OF EMPLOYEES±60,800
» HEADQUARTEREDCAMP HILL, PENNSYLVANIA
» WEBSITEWWW.RITEAID.COM
RITE AID
$21.5 BILLIONREVENUE
Tenant Overview
KETTERING, OHArea Overview
Dayton is the sixth-largest city in the state of Ohio. Ohio sits very close to roughly 60 percent of the country’s population and manufacturing infrastructure, making the Dayton area a logistical centroid for manufacturers, suppliers, and shippers. With the decline of heavy manufacturing, Dayton’s businesses have diversified into a service economy that includes insurance and legal sectors as well as healthcare and government sectors. Along with defense and aerospace, healthcare accounts for much of the Dayton area’s economy. Hospitals in the Greater Dayton area have an estimated combined employment of nearly 32,000 and a yearly economic impact of $6.8 billion.
Dayton’s economy is relatively diversified and vital to the overall economy of the state of Ohio. Site Selection magazine ranked Dayton the #1 medium-sized metropolitan area in the U.S. for economic development. Dayton is also among the top 100 metropolitan areas in both exports and export-related jobs, ranked 16 and 14 respectively by the Brookings Institution. Bloomberg Businessweek ranked Dayton in 2010 as one of the best places in the U.S. for college graduates looking for a job. Companies such as Reynolds and Reynolds, CareSource, DPL, LexisNexis, Kettering Health Network, Premier Health Partners, and Standard Register have their headquarters in Dayton.
DAYTON, OH
DEMOGRAPHICSPOPULATION 1-MILE 3-MILE 5-MILE2020 Estimate 10,607 84,249 195,136
HOUSEHOLDS 1-MILE 3-MILE 5-MILE2020 Estimate 4,855 38,544 83,101
INCOME 1-MILE 3-MILE 5-MILE2020 AverageHousehold Income $70,783 $82,016 $82,215±5 MILES
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RITE AIDThe University of Dayton (UD) is a private Roman Catholic research university in Dayton, Ohio. It is one of three Marianist universities in the nation and the second-largest private university in Ohio. The university’s campus is in the city’s southern portion and spans 388 acres on both sides of the Great Miami River. The university has about 8,000 undergraduate and 2,200 post-graduate students from a variety of religious, ethnic and geographic backgrounds, drawn from across the United States and more than 40 countries.
UD offers more than 80 academic programs in arts and sciences, business administration, education and health sciences, engineering, law and, in 2009, was first in the country to offer an undergraduate degree program in human rights.
UNIVERSITY OF DAYTON
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KETTERING, OH
Confidentiality Agreement & DisclaimerThis Offering Memorandum contains select information pertaining to the business and affairs of Rite Aid located at 1320 East Stroop Road, Kettering, OH 45429 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the
interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
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RITE AID
10 | Offering Memorandum
LISTING AGENTS
JONAH YULISH ASSOCIATE
DIRECT +1 (216) 503-3610
MOBILE +1 (216) 973-1882
LIC # 2018004451 (OH)
KYLE MATTHEWS BROKER OF RECORD
LIC # 2019005179 (OH)
ROBERT GOLDBERG
ASSOCIATE
DIRECT +1 (216) 503-3609
MOBILE +1 (216) 470-1464
LIC # 2018005194 (OH)
BILL PEDERSEN MARKET LEADER
DIRECT +1 (949) 432-4501
MOBILE +1 (831) 246-0646
LIC # 01975700 (CA)
BEN SNYDER EVP & & NATIONAL DIRECTOR
DIRECT +1 (216) 503-3607
MOBILE +1 (614) 975-8822
LIC # 2018002569 (OH)