Webb Development Services is pleased to announce for sale a newly constructed 12,368-square foot Rite Aid drugstore located in Bronx, New York. The subject property is situated on a hard corner with main-on-main exposure. The building is the latest edition prototype with a drive through, built to Rite Aid specifications.This investment allows for 100 percent depreciation because it is a leasehold interest, thus allowing for strong cash flow. The leasehold ground lease runs for a period of 30 years. The initial leasehold term of 20 years, with a corporate guarantee from Rite Aid, has rare 10 percent rent bumps every five years. Additionally, there are two five-year options with Increases. The store is a top performer based on early reporting of having the best grand opening in the history of the Rite Aid chain. The dense retail area offers ease of access to Bruckner Expressway and neighbors a Channel 12-CableVision Headquarters. This offering gives an investor an opportunity to own one the nation's leading drug store chains, with well over 5,000-plus stores in 31 states and the District of Columbia, with coverage on both the east and west coasts. Rite Aid recently acquired 1,858 Eckerd and Brooks stores in the recent merger with the Jean Coutu Group. The stores Rite Aid acquired are located in 18 states, adding Massachusetts, Rhode Island, South Carolina, and North Carolina to its national footprint. All 5000-plus stores will be re-branded to Rite Aid making it the largest drug store chain on the east coast. The first store opened in 1962 and they have since grown to a strong public corporation with sales over $27 billion annually, combined with The Jean Coutu Group (PJC), and now forecasted to grow dramatically. Net Operating Income$533,200
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