Rite Aid – Relocation Store,
McFarland, CA Investment Summary
| Price | $4,239,000 |
| Cap Rate | |
| NOI | |
| Lease Term | 20 Years |
| Lease Type | |
| Rental Increases | 10% Rental Increases Every 5 Years |
| Year Built | July 2016 |
| Building Size | 10,559 SF |
| Lot Size | 0.89 Acres (38,768 SF) |
| Status | Sold |
| Lead Brokers | Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 |
Investment Highlights
RARE CALIFORNIA 2016 BUILT-TO-SUIT PHARMACY
» New 20-year NNN lease
» 10% rental increases every 10 years, providing a hedge against inflation
» Corporate guarantee – NYSE: “RAD”
» No landlord responsibilities, providing an investor with a completely passive investment
CENTRAL LOCATION IN DOWNTOWN MCFARLAND
» Excellent location at base of pedestrian bridge connecting East and West McFarland
» Near several schools, with over 3,300 students enrolled in schools within a half-mile radius
» Immediate access to Highway 99 – 59,000 AADT
» Close proximity to major national retailers, including McDonald’s, AutoZone, Dollar General, MetroPCS, and others
RARE 2016 BUILT-TO-SUIT CONSTRUCTION WITH NEW PROTOTYPE DESIGN
» Brand new 10,559 SF prototype store
» First smaller footprint store in California
» Brand new construction, limiting near-term deferred maintenance or capital costs for tenant
Click Here to Download Offering Memorandum
Property Description
SOLD
The property is strategically located at the hard corner of West Kern Avenue and Frontage Road. Access to Highway 99 is conveniently located a few blocks from the site. Highway 99 is the main freeway through the San Joaquin Valley, and connects McFarland to Bakersfield to the south and Delano to the north. A heavily traveled route, Highway 99 experiences a high traffic count of 59,000 vehicles per day near the property. The site is centrally located in downtown McFarland, which is tenanted by a mix of local retailers and national chains. The property benefits from its close proximity to several nationally-recognized retailers, including McDonald’s, NAPA Auto Parts, Dollar General, Subway, MetroPCS, Boost Mobile, Cricket Wireless, and AutoZone.
Several schools are near the property. McFarland High School and Kern Avenue Elementary are both within a few blocks of the property, while Browning Road Elementary and McFarland Middle School are less than half a mile away. Overall, more than 3,300 students are enrolled in schools within a half mile of the property.
