Sands Investment Group is Pleased to Exclusively Offer For Sale the Rite Aid NN Lease Located at the Corner of Washington Street & Wildcat Drive in the Heart of Palm Desert, California. This Property Has 6+ Years Remaining on the Base Term of the Lease and Features Rare 5% Increases at Each of the 6 x 5 Year Option Periods Providing a Hedge Against Inflation. The Building Includes a Double Lane Drive-Thru and Rite Aid Has Added a GNC Live Well Inside As Well. Rite Aid is the Third Largest Drugstore Chain in the Country Operating Over 2,500 Locations. This Asset Sits Strategically Across the Street From Sun City Palm Desert Active Adult Community With Over 5,000 Homes Providing a Built-In Customer Base For a Drug Store. It’s Also Located Across From Eisenhower Health Center and a DaVita Dialysis Clinic Adding to the Existing Base. With Close Freeway Proximity, Strong Traffic Counts & an Affluent Trade Area, This Asset is Perfect For a 1031 Investor. This Deal Offers a Long-Term Secure Income Stream, Strong Yield With a Pandemic & Recession Resistant Tenant.
BEST IN CLASS FEATURING STRONG YIELD
- 6+ Years Remaining on Base Term of the Lease
- Corporately Guaranteed Lease By Rite Aid Corporation (NYSE: RAD) – Over 2,500 Locations
- NN Lease Structure With Minimal Landlord Responsibilities
- Rare 5% Rental Increases at Each Option Period Provides Hedge Against Inflation
- Double Lane Drive-Thru Prototype Building and Features GNC Live Well
- Strong Initial Yield of 7.25% Increasing to 7.61% in Year 7
DAILY NEEDS & NECESSITY BASED TENANT
- Tenant Has Remained Open and Paying Rent Throughout the COVID-19 Pandemic
- Rite Aid is the Largest Drug Store Chain on the East Coast and the Third Largest Drugstore Chain in the Country
- Drug Stores Provide a “Daily Needs” For Consumers Making the Property Pandemic and Recession Resistant
DOMINANT LOCATION & BUILT IN CUSTOMER BASE
- Located Directly Across the Street From Sun City Palm Desert Active Adult Community Featuring Over 5,000 Homes Providing Built in Customer Base
- The Site Boasts Ample Parking and Two Ingress/Egress Points, Which Make the Property Easily Accessible to Nearby Traffic
- Close Freeway Proximity – Located Within One Block From Interstate 10
- Strong Traffic Counts – Over 145,596 Vehicles Per Day on Washington Street and Interstate 10
- Affluent Trade Area – Average Household Income Over $103,163 Within a 3-Mile Radius
- Dense Population Base – Over 47,078 People Within a 3-Mile Radius
- Across From Eisenhower Health Center and the DaVita Dialysis Clinic Offering Additional Built in Customers
- Nearby Retailers and Businesses Include: DaVita Kidney Care, Bank of America, Taco Bell, Comfort Suites, Sherwin Williams, Del Taco, Stater Bros Markets and More
In Cooperation With Sands Investment Group, Inc Lic. # 01768950
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