single tenant net leased Rite Aid for sale

1. NET LEASED INVESTMENT OFFERING
Rite Aid
2249 North Canton Center Road
Canton, MI 48187 (Detroit MSA)
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Aerial
5) Site Plan
6) Map
7) Tenant Profile
8) Demographic Comparison Report
9) Location Overview
10) Contact Information
www.bouldergroup.com

3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY
CONFIDENTIALITY & DISCLAIMER
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 should not be made available to
any other person or entity without the written consent of The Boulder Group. 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 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 has not verified, and will not verify, any of the information
contained herein, nor has The Boulder Group 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.
www.bouldergroup.com

4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a single tenant net leased Rite Aid property located within the
Detroit MSA. The 11,180 square foot Rite Aid was built in 1999 and is positioned on the hard corner of a signalized
intersection. The property is located in a dense retail area anchored by IKEA. Additionally, the property is benefited by its
location within an affluent area with over 150,000 people living within five miles of the property.
The property is located at the signalized intersection of Ford Road (Michigan Rte. 153) and North Canton Center Road.
Ford Road experience traffic counts in excess of 39,800 vehicles per day and has a direct access interchange with
Interstate 275 two miles east of the property. Interstate 275 experiences traffic counts in excess of 118,000 vehicles per
day. Ford Road is the major retail thoroughfare in Canton with numerous national tenants. Nearby retailers include IKEA,
Target, Lowe’s, Meijer, Kohl’s, Bed Bath & Beyond, PetSmart and Jo-Ann Fabrics. Additionally, the property benefits from its
close proximity to a Wal-Mart Supercenter, Sam’s Club and Home Depot. Residents living within one mile of the property
enjoy average household incomes in excess of $90,000 annually.
Rite Aid’s original lease term was for 20 years and the lease expires in October 2019. The lease features six 5-year renewal
options with 3% rental escalations. Rite Aid is a publicly traded company on the New York Stock Exchange (RAD), with a
market capitalization of $1.5 billion.
INVESTMENT HIGHLIGHTS
• Located within a major market
• Traffic volumes along Ford Road in excess of 39,000 vehicles
per day
• Positioned on the hard corner of a signalized intersection
• Located within a retail trade area anchored by IKEA
• Nearby retailers include Wal-Mart, Sam’s Club, Home Depot
Target, Lowe’s, Meijer, Kohl’s, Bed Bath & Beyond, PetSmart
and Jo-Ann Fabrics
• Over 150,000 people living within five miles of the property
• Average household income in excess of $90,000 within one
mile of the property
www.bouldergroup.com

5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
Price: $3,788,300
Cap Rate: 9.00%
Rent Schedule: NOI Escalation Date
$ 340,947
$ 352,127 11/1/2019 (Option 1)
$ 363,307 11/1/2024 (Option 2)
$ 374,487 11/1/2029 (Option 3)
$ 385,667 11/1/2034 (Option 4)
$ 396,027 11/1/2039 (Option 5)
$ 408,027 11/1/2044 (Option 6)
Renewal Options: Six 5-year
Lease Commencement Date: November 1, 1999
Lease Expiration Date: October 31, 2019
Tenant: Rite Aid
Year Built 1999
Lease Type: NN (Roof & Structure)
Rentable Square Feet: 11,180
Land Acreage: 1.79 acres
www.bouldergroup.com

6. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
www.bouldergroup.com

7. SITE PLAN
NET LEASED INVESTMENT OFFERING
SITE PLAN
www.bouldergroup.com

8. MAP
NET LEASED INVESTMENT OFFERING
MAP
www.bouldergroup.com

9. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Rite Aid (NYSE: RAD) is a national drugstore chain ranked third in the United States by total number of stores. In its
stores, Rite Aid sells prescription drugs and an assortment of other merchandise including over the counter
medications, a selection of health and beauty aids and personal care products, seasonal merchandise convenience
foods, beverages and a large private brand product line. Rite Aid is ranked #100 on the 2011 Fortune 500. Rite Aid
serves customers through over 4,600 stores across 31 states. Rite Aid has approximately 55,000 employees and is
headquartered in Pennsboro Township, Pennsylvania.
Website: www.riteaid.com
Number of Locations: 4,667
Stock Symbol: RAD
Market Capitalization: $1.5 billion
Employees: 55,000
www.bouldergroup.com

10. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 1-mi. 3-mi 5-mi
Total Population 10,920 82,724 161,595
Total Households 3,815 29,662 62,797
Income
Median Household Income $86,193 $80,580 $65,987
Average Household Income $92,119 $90,482 $80,106
www.bouldergroup.com

11. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
The Charter Township of Canton commonly referred to as Canton, is a charter
Canton,
township of Wayne County, Michigan. Canton is located 23 miles west of Detroit and
17 miles east of Ann Arbor. Canton is one of Michigan’s fastest growing communities.
As of the 2010 U.S census, The Charter Township of Canton had a population of
90,173, making it the second largest township and eleventh largest community in the state of Michigan. Canton is
home to the North American headquarters of Yazaki, a global automotive parts supplier. Yazaki employs over
192,000 people globally and over 1,000 employees in Canton.
www.canton-mi.org
Detroit is the largest city in the state of Michigan and the county seat of Wayne
County. At the time of the 2010 U.S. Wayne County was ranked as the 15th most
populous county in the United States with a population of 1,820,584. The Detroit MSA
is the 13th most populated metropolitan area in the United States with 4,296,250
residents. The Detroit metropolitan area, commonly referred to as Metro Detroit, is
widely known as the automobile industry hub of North America. Most notably, Detroit
is known for the “Big Three” automobile companies, General Motors, Ford and
Chrysler, all headquartered in Metro Detroit. The Detroit auto industry employs over
70,000 people.
Downtown Detroit is home to the Compuware world headquarters, Blue Cross Blue Shield, HP Enterprise Services,
and Quicken Loans, who recently relocated its headquarters and 4,000 employees downtown. Detroit also benefits
from the casino gaming industry. Detroit is the largest city in the United States to offer casino resort hotels and is
home to the MGM Grand Detroit, MotorCity Casino and Greektown Casino.
www.detroitmi.gov
www.bouldergroup.com

12. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road Suite 1801
Northbrook, IL 60062
Randy Blankstein Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com