1201 Volvo Pky
Chesapeake, VA 23320
Rite Aid | Chesapeake, VA · Retail Property For Sale

This Rite Aid is an Amazon Counter Location. Amazon shoppers can pick up their packages at designated counters inside more than 100 Rite Aid stores, a service that will be available at over 1,500 of the chain’s locations by the end of the year. The lease structure is an absolute triple net (NNN) bond lease, which is the strongest type of lease with no responsibilities for a landlord. The lease is corporately guaranteed by Rite Aid Corporation (NYSE: RAD), the third largest drugstore chain in America. Rite Aid’s original lease term was 22 years - they exercised their first 5 year option in 2019, demonstrating their commitment to this location. There are four (4.5) years remaining on the lease term, plus three (3), five (5) year options. There are 221,764 residents located in the five (5) mile demographic ring. The average household income in the three (3) mile demographic ring is an affluent $90,383. The property is situated on the hard-signalized corner of Volvo Pkwy. & Eden Way S, which report strong combined traffic counts of 40,000 cars per day. Rite Aid is located in a popular retail corridor and is surrounded by many national tenants including Dunkin’, Target, Stein Mart, Old Navy, Best Buy, Marshalls, Ashley Furniture HomeStore, Harris Teeter and Papa John’s Pizza, among many others. The property is in close proximity to the I-64 & I-464 Highways, which report combined traffic counts of 173,000 cars per day. Over 50 international companies are doing business in Chesapeake. The City is located within 750 miles of two-thirds of the nation’s population and industrial production. While currently third, Chesapeake is expected to be the 2nd most populous city in the Commonwealth of Virginia by 2020. Dollar Tree’s (NASDAQ: DTLR) $110 million corporate headquarters is located in the City of Chesapeake, just 1 mile (5 minutes) from the subject property.