3451 US-101 Hwy
Florence, OR 97439
Rite Aid · Retail Property For Sale

The offering provides an opportunity to acquire a freestanding Rite Aid corporate location. Subject property is a 17,272 square foot relocation Rite Aid store located in a coastal Oregon town of Florence. Store was built in 2008 as the high sales at the older location created a need for a newer pharmacy with a drive through. Rite Aid (NYSE: RAD) signed a 20-year lease with six 5-year options to extend the initial term of the lease, that commence on January 31, 2028. Lease includes 10% rental escalations every 10 years, including the initial term. Lease is a full NNN where the Landlord has zero responsibilities, allowing for carefree ownership. There are currently approximately 10+ years remaining on the initial term of the lease. Property is located on highway 101, the busiest coastal road in the states of Washington and Oregon. Highway 101 is the main arterial connecting the coastal cities, generating a dense traffic count in excess of 19,000 vehicles per day. Neighboring tenants along the Highway 101 include Safeway, Bi Mart, Taco Bell, US Bank, Mc Donalds, O’Reilly Auto Parts, Dollar Tree, 7 Eleven, Papa Murphy, Starbucks, Les Schwab etc.