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- LoopNet Team
600 North Ave
Battle Creek, MI 49017
Rite Aid | 10.5% CAP | Rental Increases · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- STABLE INCOME CORPORATE GUARANTEE - Rental income guaranteed by Rite Aid corporate (S&P B Stable) Fortune 500 Company with over 2,500 locations.
- RENTAL INCREASES EVERY 5 YEARS - Six 5-year options remaining on current lease with increases of $11,060 at the beginning of each option.
- SITE SELECTED FOR REBRANDING - Landlord received notice from Rite Aid that this store has been selected to be rebranded.
- NET LEASE WITH MINIMAL LANDLORD RESPONSIBILITIES - 2.5 years remaining on a double net lease with landlord responsible for roof and structure.
- PREFERRED RITE AID LOCATION WITH 20+ YRS OF OPERATING HISTORY - Rite Aid retained this location in its sale of 1,900 locations to Walgreens in 2018.
- LESS THAN 1 MI TO BRONSON BATTLE CREEK HOSPITAL - This is a medical corridor near Heartland Health Center and Bronson Battle Creek Hospital.
PROPERTY FACTS
ABOUT 600 NORTH AVE , BATTLE CREEK, MI 49017
Pharma Property Group has been exclusively retained by ownership to present for sale the opportunity to acquire the Rite Aid property located in Battle Creek, MI. The lease has approximately 2.5 years remaining before the six (5-year) options to follow with increases of $11,060 at each option. This Rite Aid operates on a double net lease basis landlord responsible for roof and structure. Income guaranteed by Rite Aid corporate (S&P B) Fortune 500 Company with ±2,500 locations. Rite Aid retained this location in its sale of 1,900+ locations to Walgreens in 2018 and store has a successful operating history of 20+ years at this location. The price per square foot at $176.12 is modest when compared to other drugstores available on market. Landlord received notice from Rite Aid that this store has been selected to be rebranded as part of the tenant’s new corporate strategy and growth plan. In March of 2020 the company announced several strategic initiatives designed to drive revenue and revitalize their retail experience. There are several other national retailers in the immediate area including Davita Dialysis, Fresenius Kidney Care, Save-A-Lot, Dollar General, Arbys and Burger King. This Rite Aid benefits from its location in a medical corridor with numerous hospitals, clinics and nursing homes in the immediate area including Heartland Health Center and Bronson Battle Creek Hospital. The average household income in a one-mile radius is $52,321, in a three-mile radius it is $48,254, and it is $56,261 in a five-mile radius. Total population in a five-mile radius is 72,276 residents.
PROPERTY TAXES
| Parcel Number | 18-570-070-10 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $642,400 |
PROPERTY TAXES
