9120 N Division St
Spokane, WA 99218
Rite Aid | Spokane, WA · Retail Property For Sale

The lease is corporately guaranteed by Rite Aid Corporation (NYSE: RAD), the third largest drugstore chain in America. In March 2020, Rite Aid announced their new corporate strategy called RX Evolution, which includes a $700 million plan to rebrand and rehaul their merchandise offerings. The lease structure is double net (NN), with some landlord responsibilities. Tenant is responsible for HVAC, maintaining CAM and parking, and payment of all taxes, utilities, and insurances. There are four (4.4) years remaining on the lease term, plus six (6), five (5) year options. The lease provides for $1.00/SF rental increases at each option period. There are 172,935 residents located in the five (5) mile demographic ring, and 357,766 residents located in the ten (10) mile demographic ring. Spokane is the county seat of Spokane County and serves as the medical, business, transportation, industrial and cultural hub of the region. With over 4,000 health-related businesses, Spokane is the largest healthcare, health sciences and medical education core from Seattle to Minneapolis, and Calgary to Salt Lake City. Spokane is home to 9 major hospitals employing 43,000 people. The property is situated on the hard-signalized corner of N Division St. & N Newport Hwy., which report strong combined traffic counts of 63,000 cars per day. Rite Aid is located in one of Spokane’s major retail corridors. Nearby stores include Walmart Supercenter, The Home Depot, WinCo Foods, Wendy’s, Target, McDonald’s, Dollar Tree, Costco, Starbucks, and Hobby Lobby, among many others. It is located directly across the street from the Nissan and Ford car dealerships.