Description

Marcus & Millichap is pleased to announce the assignment to exclusively market this brand new Rite Aid Ground Lease located in Hagerstown, MD.

The subject Rite Aid is on a rate 20 year ground lease with 8 five-year options for renewal. While the building structure is yet to be built, the land is leased and producing income. This is a great opportunity for an investor looking to purchase a passive income deal with absolutely zero management responsibilities. The upside on buying this Rite Aid deal is you have the assurance of Rite Aid's strenght as a tenant, while not owning the improvements on the land. It is a much less riskier position than paying for all improvements on the land that are typically wrapped into a much higher lease rate. If Rite Aid should ever decide to leave (after their lease obligation), the improvements on the land (including the building), would revert back to the landlord.

Hagerstown has evolved into a modern city that maintains an outstanding transportation and communication network, a strong and loyal workforce and enviable tourism statistics. Hagerstown boasts many recreational amenities, cultural opportunities, and special activities for people of all ages. The population of the city proper as of a 2007 estimated by the United States Census Bureau is 39,640, and the total Urbanized Area population is 120,326.

The city is approximately 70 miles northwest of Washington, D.C., 72 miles west of Baltimore, and 74 miles southwest of Harrisburg, Pennsylvania and is western Maryland's largest city. Due to the large number of roads and other transit that cross in and near city, namely I-70 and I-81, Hagerstown, Maryland, is known as the Hub City. The city is also readibly accessible by the Hagerstown Regional Airport, located a mile north of the subject property. Hagerstown is also the commercial and industrial hub for the Tri-State Area which includes much of Western Maryland, South Central Pennsylvania, and the Eastern Panhandle of West Virginia.