3801 N Market St
Wilmington, DE 19802
Rite Aid | Wilmington, DE · Retail Property For Sale

This property is to be sold by auction in conjunction with Ten-X. Buyer Due Diligence Period open now until March 20, 2019. Bidding will commence at 12:00 pm EDT on March 18, 2019 and conclude at 12:00 pm EDT on March 20, 2019. Rite Aid has been operating in this location since 1999 and recently agreed to a new five-year lease term that commenced December 1, 2018. There are four (4.7) years remaining on the lease term, plus four (4), five (5) year options. The lease provides for 10% rental increases at each option period. The lease is corporately guaranteed by Rite Aid Corporation, the fifth largest drugstore chain in America. The lease structure is double net (NN), with minimal landlord responsibilities. Tenant is responsible for HVAC, maintaining CAM and parking, and payment of all taxes, utilities, and insurances. There are 193,294 residents located in the five (5) mile demographic ring. Wilmington is the largest City in the state of Delaware, and is located 30 minutes south of Philadelphia, mid-point between New York and Washington DC. The average household income in the five (5) mile demographic ring is an affluent $82,025. Rite Aid is situated in a freeway-adjacent location, between Interstate 95 & Interstate 495, which report combined traffic counts of 182,335 cars per day. The subject property is surrounded by several popular retailers including Advance Auto Parts, Walgreens, McDonald’s, Forman Mills, and Checkers, among others. Rite Aid is located within two (2) miles of four (4) major surrounding hospitals/medical centers. More than half of all Fortune 500 companies call Wilmington their corporate home. The city offers a dynamic environment for more than 40,000 workers and is the corporate, financial, and governmental hub of the state and region.