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RITE AID PHARMACY WESTLAKE, OH
Actual Property Photo
To request additional information, please contact: BROKER OF RECORD:
Matt S. Ragland Kyle A. Darling Stanley Stein
Principal Principal
JDS Real Estate Services, Inc.
(512) 410-7719 (512) 410-7755
Ohio RE Broker License No: 51919
mragland@nlannn.com kdarling@nlannn.com
CONFIDENTIALITY & DISCLAIMER NLA
NET LEASED ADVISORS
This is a confidential Offering Memorandum (the “Offering Memorandum”) intended solely for your limited use and benefit in determining whether you desire to express
further interest in purchasing the “Property”.
This Offering Memorandum has been prepared by Stanley Stein/JDS Real Estate Services, Inc. (“Broker”), in association with Net Leased Advisors, Inc. on behalf of the
owner of the Property (the “Owner”) and has been reviewed by representatives of the Owner. It contains select information pertaining to the Property and does not purport
to be an all-inclusive representation of the state of affairs of the Property, or to contain all the information, which prospective investors may require. All financial projections
and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other
factors beyond the control of the Owner and Broker. The information contained herein was obtained from third parties, and it has not been independently verified by Broker.
Prospective investors should have the experts of their choice inspect the Property and verify all information. Broker is not qualified to act as or select experts with respect to
legal, tax, environmental, building construction, soils-drainage or other such matters. Therefore, all projections, assumptions and other information provided and made herein
are subject to material variation. Neither the Owner nor Broker, nor any of their respective directors, officers, affiliates or representatives make any representation or warranty,
expressed or implied, as to the accuracy of completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of
your receipt of this Offering Memorandum or use of its contents.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers on the subject Property, and/or to terminate discussions with
any entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to
any entity reviewing this Offering Memorandum or making an offer on the Property unless and until written agreement(s) for the Property have been fully executed, delivered
and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest
confidence and that you will not disclose this Offering Memorandum or any of its contents to any other entity without prior written authorization of the Owner or Broker. You
also agree that you will not use this Offering Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Broker.
Broker reserves the right to submit the Property to additional clients on terms that may or may not be identical to the terms contained herein. By receipt of this Offering
Memorandum, you acknowledge that competing interests may develop in connection with offers on the Property, and waive any conflict of interest that might arise as a
result thereof. In such case, Broker expressly disclaims any obligation to advance the interest of any client at the expense of any other client who may receive this Offering
Memorandum. Dealings with each client shall remain strictly confidential and in no case will Broker disclose the terms of any actual or potential offer to any competing client.
To request additional information, please contact: BROKER OF RECORD:
Matt S. Ragland Kyle A. Darling Stanley Stein
Principal Principal
JDS Real Estate Services, Inc.
(512) 410-7719 (512) 410-7755
Ohio RE Broker License No: 51919
mragland@nlannn.com kdarling@nlannn.comINVESTMENT OVERVIEW NLA
NET LEASED ADVISORS
INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW LEASE OVERVIEW
• 20.00 Year Corporate Lease (7.38 Years Remaining) Ownership: Fee Simple (Land & Building) Tenant: Rite Aid Corporation
• Excellent Demographics Address: 27175 Center Ridge Rd, Westlake, OH 44145 Store Number: 04975
• Tenant Exercised First Renewal Option Early County: Cuyahoga Primary Lease Term: 20-Years
• Absolute Net Lease (No Landlord Responsibilities) Tax Parcel Number: 215-10-001 Renewal Options: (2) 5-Year
• Recent Capital Improvements Made by Tenant Assessor Website: https://myplace.cuyahogacounty.us/ Lease Expiration: December 31, 2025
• Improved Accessibility (Recent Road Widening) Lot Size: 1.76 acres (76,665 square feet) Term Remaining: 7.38 Years*
• 1-Mile Average Household Income - $117,977 Building Size: 11,320 square feet Landlord Obligations: None (Absolute Net)
• Traffic Counts - 16,750 Vehicles Per Day Year Built: 1998 Right of First Refusal: 20-Days
UNDERWRITING RENT SCHEDULE
Price: $3,364,267 TERM ANNUAL MONTHLY RENT/SF
NOI: $252,320 (12/11/1998) - (12/31/2020) $252,320.04 $21,026.67 $22.29
Cap Rate: 7.50%
Existing Financing: Free & Clear RENEWAL OPTIONS
TERM ANNUAL MONTHLY RENT/SF
(01/01/2021) - (12/31/2025)* $252,320.04 $21,026.67 $22.29
(01/01/2026) - (12/31/2030) $252,320.04 $21,026.67 $22.29
*1st Renewal Option Exercised Early by Tenant
To request additional information, please contact: BROKER OF RECORD:
Matt S. Ragland Kyle A. Darling Stanley Stein
Principal Principal
JDS Real Estate Services, Inc.
(512) 410-7719 (512) 410-7755
Ohio RE Broker License No: 51919
mragland@nlannn.com kdarling@nlannn.comAERIAL PHOTOGRAPH NLA
NET LEASED ADVISORS
To request additional information, please contact: BROKER OF RECORD:
Matt S. Ragland Kyle A. Darling Stanley Stein
Principal Principal
JDS Real Estate Services, Inc.
(512) 410-7719 (512) 410-7755
Ohio RE Broker License No: 51919
mragland@nlannn.com kdarling@nlannn.comREGIONAL MAP NLA
NET LEASED ADVISORS
To request additional information, please contact: BROKER OF RECORD:
Matt S. Ragland Kyle A. Darling Stanley Stein
Principal Principal
JDS Real Estate Services, Inc.
(512) 410-7719 (512) 410-7755
Ohio RE Broker License No: 51919
mragland@nlannn.com kdarling@nlannn.comTENANT OVERVIEW NLA
NET LEASED ADVISORS
Rite Aid Corporation, a drugstore chain, is a Fortune 500 company headquartered in Camp Hill, Pennsylvania, near Harrisburg.
Alex Grass founded the company in 1962, opening the first store in Scranton, Pennsylvania, originally called Thrift D Discount
Center. After several years of growth in which it expanded to five northeastern states, the company went public as Rite Aid in
1968. It moved to the New York Stock Exchange in 1970 under the symbol RAD. In the next 10 years, Rite Aid would operate
267 locations in 10 states. 1983 marked a sales milestone of $1 billion. In 1987, on their 25th anniversary, Rite Aid acquired
TENANT OVERVIEW
420 stores along the east coast which expanded the company’s holdings to over 2,000 locations. In 1995 was the acquisition
of Perry Drug Stores, the largest drugstore chain in Michigan, which pushed Rite Aid operating locations to nearly 3,000. On Trade Name: Rite Aid Corporation
August 23,2006 it was announced that Rite Aid would be buying Eckerd Pharmacy and Brooks Pharmacy chains from the
Quebec-based Jean Coutu Group for $3.4 billion. By 2007 the merger was finalized, and Rite Aid became the dominant drug Headquarters: Camp Hill, PA
store retailer in the Eastern United States, and the third largest drug retailer nationwide, behind Walgreens and CVS. As of
2017, New York is home to the largest number of Rite Aids, followed by California and Pennsylvania. Website: https://www.riteaid.com/
In 1999, Rite Aid partnered with General Nutrition Company (GNC), bringing GNC mini-stores within the Rite Aid Locations: 3,964
pharmacies. That same year they also partnered with drugstore.com, allowing customers to place medical prescriptions online
for same-day, in-store pickup. In 2004 Rite Aid launched initiatives to include a comprehensive focus on patient health and Employees: 36,020 (Full-time)
wellness programs, including heart health and allergy awareness, oral and skin care, diabetes and weight management, private
label launches and seasonal programs. In 2010, the company introduced a customer rewards program, wellness+, which has Ownership: Public
become recognized as the best loyalty program in the drugstore channel. The wellness+ program provides valuable health and
wellness benefits to it members, as well as a point system for purchases, redeemable for 20% off non-sale items store wide. Ticker Symbol: NYSE: RAD
Select Rite Aid have been remodeled as Wellness Stores to provide improved access to products and services to help their Financials: Revenue: $21.52 Billion
customers live healthier lives. Rite Aid Wellness Stores offer expanded clinical pharmacy services, along with items such as
medication therapy management, consultation rooms for private discussions with a Rite Aid pharmacist, organic food and Operating Income: $133.35 Million
beverages, natural personal and home care products, and fitness and workout equipment.
Net Income: $943.47 Million
Along with a focus on patient care and wellness, the corporation aims to improve community life through the efforts of The
Rite Aid Foundation, which has raised and donated over $100 million for kids in a program. Since 1994 Rite Aid Corporation Total Assets: $8.98 Billion
has been a proud sponsor of the Children’s Miracle Network Hospitals, which raises funds for 170 children’s hospitals across
the country. Together with Rite Aid associates, suppliers and customers they have raised and donated almost $81 million for Total Equity: $1.60 Billion
the Children’s Miracle Network Hospitals, helping fund pediatric medical services, research and purchasing state-of-the-art
medical equipment. Credit Rating: Standard & Poor’s: B
Moody’s: B2
To request additional information, please contact: BROKER OF RECORD:
Matt S. Ragland Kyle A. Darling Stanley Stein
Principal Principal
JDS Real Estate Services, Inc.
(512) 410-7719 (512) 410-7755
Ohio RE Broker License No: 51919
mragland@nlannn.com kdarling@nlannn.comDEMOGRAPHICS OVERVIEW NLA NET LEASED ADVISORS
POPULATION
Category Year (1) Mile (3) Mile (5) Mile (10) Mile
Estimated Population (2018) 7,628 72,289 151,935 505,269
Projected Population (2023) 7,361 69,771 147,268 489,737
Census Population (2010) 7,873 73,602 153,571 509,171
Projected Annual Growth (2018-2023) -268 -0.70% -2,518 -0.70% -4,667 -0.60% -15,532 -0.60%
Historical Annual Growth (2010-2018) -245 -0.40% -1,313 -0.20% -1,636 -0.10% -3,902 -0.10%
Historical Annual Growth (2000-2010) -32 - -274 - 3,233 0.20% 5,854 0.10%
HOUSEHOLDS
Category Year (1) Mile (3) Mile (5) Mile (10) Mile
Estimated Households (2018) 3,273 31,762 66,664 222,328
Projected Households (2023) 3,205 31,196 65,658 218,836
Census Households (2010) 3,263 31,054 64,718 215,875
Projected Annual Growth (2018-2023) -68 -0.40% -566 -0.40% -1,006 -0.30% -3,492 -0.30%
Historical Annual Growth (2000-2018) 141 0.20% 1,791 0.30% 4,830 0.40% 13,637 0.40%
AVERAGE HOUSEHOLD INCOME
Category Year (1) Mile (3) Mile (5) Mile (10) Mile
Estimated Average Household Income (2018) $117,977 $110,843 $108,609 $83,933
Projected Average Household Income (2023) $151,077 $143,262 $139,303 $107,094
* Demographics provided by SitesUSA
Census Average Household Income (2010) $87,004 $79,468 $80,314 $64,082
Projected Annual Change (2018-2023) $33,100 5.60% $32,420 5.80% $30,694 5.70% $23,162 5.50%
Historical Annual Change (2000-2018) $36,201 2.50% $35,363 2.60% $34,962 2.60% $25,303 2.40%
PER CAPITA INCOME
Category Year (1) Mile (3) Mile (5) Mile (10) Mile
Estimated Per Capita Income (2018) $50,887 $48,820 $47,749 $37,024
Projected Per Capita Income (2023) $66,062 $64,178 $62,205 $47,950
Projected Annual Change (2018-2023) $15,175 6.00% $15,358 6.30% $14,456 6.10% $10,925 5.90%
Estimated Average Household Net Worth (2018) $829,954 $716,850 $732,803 $515,725
To request additional information, please contact: BROKER OF RECORD:
Matt S. Ragland Kyle A. Darling Stanley Stein
Principal Principal
JDS Real Estate Services, Inc.
(512) 410-7719 (512) 410-7755
Ohio RE Broker License No: 51919
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