Single Tenant Rite Aid Hurricane, WV

$2,650,000
For Sale
SKU: 215 State Route 34, Hurricane, West Virginia 25526
Property type: Single Tenant NNN

The space

  • Year Built: 1997
  • Square Feet: 11,724
  • Remodel: 2013
  • NOI: $184,528
  • Lease Type: Absolute NNN
  • Lease Term: 7+ Years

Description

Rite Aid was developed as a build to suite with a drive-thru in 1997 located on the signalized hard corner. Rite Aid’s lease is an Absolute NNN lease with zero Landlord responsibilities and an original term expiring Sept 30, 2019 prior to the lease extension. In 2013 Rite Aid contacted the owner because they wanted to remodel the store and extend their lease term. The lease was extended five additional years to Sept. 30, 2024 and Rite Aid completed the store remodel. There are two five year options remaining; the first has a 10% rent increase, and the Second increase will be at market. Rite Aid is not obligated to repost sales, but according to the store manager the store does very good, and based on the tenant remodeling the store and extending the lease demonstrates their commitment to this location. There are two Rite Aids in Hurricane approximately 4/5 miles apart, and there is not a Walgreen’s near the subject location.

The Site is close to Highway 64 on/off ramps, near CAMC Teays Valley Hospital, and multiple national tenants. A short 10 to 20 minute drive to the Toyota Motor Manufacturing Plant which is one of the largest in the USA (over 1 million square feet & major economic catalyst), and to Charleston the State Capitol. Hurricane was named by Bloomberg Businessweek Best Place to Raise a Family in West Virginia. The site has excellent visibility, ample parking (53 spaces), and easy access. There are two curb cuts; one curb cut on State Route 34, and one on Mt Vernon Rd., both with left hand ingress/egress. There are strong traffic counts on State Route 34 with 22,951 CPD and Highway 64 with 66,825 CPD

Contact the Agent

ROBERT E. CRIDER

Vice President
Tel
(760) 809-4055
License #
01158595
Rite Aid was developed as a build to suite with a drive-thru in 1997 located on the signalized hard corner. Rite Aid’s lease is an Absolute NNN lease with zero Landlord responsibilities and an original term expiring Sept 30, 2019…