4117 Kitsap Way
Bremerton, WA 98312
Rite-Aid · Retail Property For Sale

The Subject Property will thrive from its signalized, hard corner location of Kitsap Way and National Avenue North (combined 49,734 VPD), just east of the highly-trafficked intersection of Kitsap Way and State Highway 3 (combined 97,461 VPD). The Subject Property also benefits from the area’s excellent demographics, large customer base and population growth potential, as the population currently is 102,260 within a 5-mile radius of the Subject Property. Kitsap Way is one of the major thoroughfares in Bremerton and is a main commercial thoroughfare, featuring many national businesses including WinCo Foods, Starbucks, Subway, McDonald's, O'Reilly Auto Parts, Ace Hardware, Burger King, Jack in the Box and many more. Located 5 minutes away from the Subject Property is the Naval Base Kitsap, a U.S. Navy base located on the Kitsap Peninsula and the third-largest Navy base in the United States with 13,000 active-duty personnel, 13,000 Department of Defense (DoD) civilian employees and 10,000 contractors. The lease is guaranteed by Rite Aid Corporation (NYSE: RAD). Rite Aid is the third largest drug store chain in the United States with 4,561 locations. Rite Aid has seen a strong financial turnaround in recent years based on both the transformation of stores into neighborhood destinations for health and wellness, and cost control initiatives that include closing underperforming stores and refinancing existing debt. Rite Aid has seen their stock price jump over 700% since the end of 2011, and their S&P credit rating was recently upgraded to “B” from “B-” due to better than expected earnings and increasing sales and profit levels.