Available Property
Rite Aid Drugstore
8310 Sylvania-Metamora Road
Sylvania, Ohio 43560
$5,580,000
The subject property is a single tenant Rite Aid Drugstore located in the Sylvania, Ohio. The Property consists of a freestanding 14,564 sf retail building with drive through window on a generous 2 acre parcel of land at the intersection of Sylvania-Metamora Road and Centennial Road just south of the Ohio / Michigan border. Sylvania is a northwest suburb of Toledo, Ohio. Rite Aid has operated at this location for fifteen years since the building was constructed as a build to suit development. Sharing the intersection are Metamora State Bank, S&G / Sunoco and Centennial Terrace, Northwest Ohio’s premier outdoor event venue. This site was selected in a predominantly residential area with limited drugstore competition. The tenant does not report sales at this location. Sylvania has a population of approx. 20,000 residents and is part of the Toledo MSA, home to 509,000 residents. Rite Aid Sylvania Ohio is a management free investment property leased to the nation’s third largest pharmacy chain with 2,400 retail pharmacy locations across 17 states.
Tenant: Rite Aid Corporation
Rite Aid Corporation operates a chain of 2,400 retail pharmacy locations across seventeen states. They are the nation’s 3rd largest retail pharmacy chain behind CVS and Walgreens.
In fiscal 2021, prescription drug sales accounted for 66.7% of total drugstore sales. Front end retail sales represent the remaining 33.3% of sales which include over the counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards and other every day convenience items. The average retail store is 13,600 square feet and 59% of the locations are freestanding with 54% having a drive through pharmacy.
The Company reported a strong fiscal 2022 fourth quarter and full year results. Full year revenue increased $525 million to $24.6 billion with pharmacy sales increasing by 12% Full year adjusted EBITDA increased by 16% to $505 million and the company generated $379 million in operating cash flow while reducing net debt by $212 million.
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