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Rite Aid 42481 West 12 Mile Road, Novi, MI

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Rite Aid 42481 West 12 Mile Road, Novi, MI OFFERING MEMORANDUM 42481 West 13 Mile Road | Novi, MI Rite Aid REPRESENTATIVE PHOTO ™ REPRESENTATIVE PHOTO EXCLUSIVELY LISTED BY BILL PEDERSEN KYLE B MATTHEWS, CCIM KYLE MATTHEWS Associate Chairman & CEO BROKER OF RECORD [email protected] [email protected] DIR (949) 432-4501 DIR (310) 919-5757 MOB (831) 246-0646 MOB (310) 622-3161 LIC # 01975700 LIC # 01469842 LIC # 65053994 ™ CONTENTS 4 EXECUTIVE SUMMARY Investment Highlights 6 FINANCIAL OVERVIEW Executive Summary Cash Flow Debt Quote Annualized Operating Data Tenant Summary 8 TENANT OVERVIEW Rite Aid 10 PROPERTY DESCRIPTION The Offering Site Description Parcel Map Tenant Map 14 AREA OVERVIEW Novi, MI Detroit, MI Demographics REPRESENTATIVE PHOTO MATTHEWS RETAIL ADVISORS | 3 EXECUTIVE SUMMARY REPRESENTATIVE PHOTO 4 | Rite Aid, NOVI, MI Investment Highlights LIMITED COMPETITION • Closest Walgreens is three and a half miles away EXCELLENT RETURN • Listed at a 7.25% cap with the ability to achieve nearly 10% cash-on-cash return LONG TERM LEASE • Over 10 years remaining on lease • NN+ lease with minimal landlord responsibilities PROTOTYPE STORE FORMAT • Prototype Rite Aid format with double drive-thru pharmacy • Located on a hard corner and a signalized intersection IDEAL LOCATION • High average household incomes - 1-mile: $105.496; 3-mile: $97,108; 5-mile: $112,649 • Strong population growth – over 5% over the last five years and projected to grow by another 5% over the next five years • Less than a mile from the Twelve Oaks Mall and Novi Town Center which include Walmart Supercenter, Nordstrom, Macy’s, Kohl’s, Toys”R”Us, Gander Mountain, and several other national retail tenants REPRESENTATIVE PHOTO MATTHEWS RETAIL ADVISORS | 5 FINANCIAL OVERVIEW REPRESENTATIVE PHOTO 6 | Rite Aid, NOVI, MI Rite Aid 42481 W 13 Mile Rd Novi, MI 48377 List Price ...........................................................................................$5,079,462 Annualized Operating Data Monthly Rent Annual Rent Rent/SF CAP Rate CAP Rate - Current ....................................................................................7.25% Current $30,688.42 $368,261.00 $32.94 7.25% Gross Leasable Area .......................................................................± 11,180 SF Option 1 $31,620.08 $379,441.00 $33.94 7.47% Lot Size ..........................................................................................± 2.27 Acres Option 2 $32,551.75 $390,621.00 $34.94 7.69% Year Built ...................................................................................................... 2006 Option 3 $33,483.42 $401,801.00 $35.94 7.91% Option 4 $34,415.08 $412,981.00 $36.94 8.13% Cash Flow Analysis Equity Requirement (30%) $1,523,839 Principal Loan Amount $3,555,623 Annual NOI $368,261 Tenant Summary Annual Debt Service $223,861 Cash Flow After Debt Service $144,400 Tenant Trade Name Rite Aid Cash-on-Cash 9.48% Type of Ownership Fee Simple Lease Guarantor Corporate Debt Quote Lease Type NN+ Landlord Responsibility Roof and Structure Loan to Value Up to 70% Original Lease Term 20 Years Interest Rate 4.80% Lease Commencement Date 11/18/2005 DCR 1.25x Lease Expiration Date 1/17/2027 Term 10 Years Term Remaining on Lease ±10.25 years Amortization 30 Years Increases In Options Recourse Yes Options Four (4) five (5) year options Debt financing quote provided by: Brian Krebs Barrington Capital Corporation (949) 777-5988 [email protected] MATTHEWS RETAIL ADVISORS | 7 TENANT OVERVIEW REPRESENTATIVE PHOTO 8 | Rite Aid, NOVI, MI Property Name Rite Aid Property Type Net Leased Drugstore Parent Company Trade Name Rite Aid Corporation Ownership Public Credit Rating B Rating Agency Standard & Poor’s Revenue $30.74 B Net Income $165.47 M Stock Symbol RAD Board NYSE No. of Locations ± 4,600 No. of Employees ± 88,000 Headquartered Camp Hill, Pennsylvania Website www.RiteAid.com Year Founded 1962 TENANT OVERVIEW Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. The company operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy Segment sells prescription drugs; and a range of other merchandises, such as over-the- counter medications, health and beauty aids, personal care items, cosmetics, household items, and other every day and convenience products. Rite Aid stores generate roughly 70% of their sales from filling prescriptions, while the rest comes from selling health and beauty aids, convenience foods, greeting cards, and more, including some 3,500 Rite Aid brand private-label products. More than 60% of all Rite Aid stores are freestanding and over half have drive-through pharmacies. GEOGRAPHIC OUTREACH Rite Aid operates stores in 31 US states and the District of Columbia. Its largest markets are New York, California, and Pennsylvania, home to more than a third of its drugstores. STRATEGY A key focus of the company’s strategy for 2017 is to continue expanding its retail healthcare capabilities to provide a higher level of care to the communities it serves. This includes continuing to introduce unique and integrated offerings to the healthcare marketplace by leveraging its conveniently located retail stores and the capabilities of its 100% owned subsidiaries Health Dialog, RediClinic and EnvisionRx. MATTHEWS RETAIL ADVISORS | 9 PROPERTY DESCRIPTION REPRESENTATIVE PHOTO 10 | Rite Aid, NOVI, MI The Offering Property Name Tenant name 42481 West 13 Mile Rd Property Address Novi, MI 48377 Assessor’s Parcel Number 50-22-11-126-004 Zoning BV REPRESENTATIVE PHOTO Site Description Number of Stories One Year Built 2006 Gross Leasable Area (GLA) ± 11,180 SF Lot Size ±2.27 Acres (SF) Type of Ownership Fee Simple Parking ±55 Surface Spaces Parking Ratio 4.92 : 1,000 SF N Landscaping Professional Topography Generally Level REPRESENTATIVE PHOTO Construction Foundation Concrete Slab Framing Steel Exterior Brick Parking Surface Asphalt Roof Flat REPRESENTATIVE PHOTO Parcel Map W 13 Mile Road ±10,000 ADT 12 | Rite Aid, NOVI, MI Tenant Map TWELVE OAKS MALL T W E L V E M I L E R O A D ± 6 6 , 0 0 0 A D T S U B J E C T P R O P E R T Y MATTHEWS RETAIL ADVISORS | 13 AREA OVERVIEW 14 | Rite Aid, NOVI, MI Novi, Michigan Local & Regional Map Novi continues to be one of the fastest growing cities in Michigan. The construction of Twelve Oaks Mall in the 1970s made the city a major shopping REGIONAL MAP destination in the Detroit metropolitan area. The city has a local economy that includes businesses of all sizes from international corporations with local and regional offices in Novi to owner-operated businesses serving the local area. While Novi is recognized for its large concentration of retail businesses clustered at the Novi Road and I-96 interchange, there are several large retail centers in the city as well as many individual retail businesses. Novi has a number of car dealerships along Haggerty Road and Grand River Avenue. The city’s industrial and office parks are home to companies in high tech research and development, health care, transportation and logistics, manufacturing and domestic and foreign automotive-related suppliers. Additionally, energy- related companies are one of the fastest growing sectors in the city. These companies include the headquarters for ITC Transmission, Novi Energy and offices of Patrick Energy Services. Accolades • National Recreation and Park Association’s Commission for Accreditation of Park and Recreation Agencies accreditation • Michigan Recreation & Park Association’s Design Award for Outstanding Park: Kids Single Mountain Bike Trail • Michigan Recreation & Park Association’s Elected Official of the Year: State Rep. Kathy Crawford (R-Novi, District 38) • Novi was voted one of the Top 10 cities and towns for families in the United States by Family Circle Magazine. LOCAL MAP MATTHEWS RETAIL ADVISORS | 15 Detroit, MI Overview The Metro Detroit area is a major metropolitan area located in Southeast Michigan. Metro Detroit is known for its automotive heritage, arts, entertainment, popular music, and sports. The area includes a variety of natural landscapes, parks, and beaches, with a recreational coastline linking the Great Lakes. It is one of the nation’s largest metropolitan economies, with seventeen Fortune 500 companies. Detroit and the surrounding region constitute a major center of commerce and global trade. Firms in the region pursue emerging technologies including biotechnology, nanotechnology, information technology, and hydrogen fuel cell development. Tourism is an important component of the region’s culture and economy, comprising nine percent of the area’s two million jobs. About 15.9 million people visit metro Detroit annually, spending about $4.8 billion. Metro Detroit is a tourist destination easily accommodating super-sized crowds to events such as the Woodward Dream Cruise, North American International Auto Show, the Windsor-Detroit International Freedom Festival, 2009 NCAA Final Four, and Super Bowl XL. The Detroit International Riverfront links the Renaissance Center a series of venues, parks, restaurants, and hotels. Detroit’s metroparks include fresh water beaches such as Metropolitan Beach, Kensington Beach, and Stony Creek Beach. Metro Detroit offers canoeing through the Huron-Clinton Metroparks as well as downhill and cross-county skiing at Alpine Valley Ski Resort, Mt. Brighton, Mt. Holly, and Pine Knob Ski Resort. 16 | Rite Aid, NOVI, MI Demographics Population 1 Mile 3 Mile 5 Mile 2022 Projection 8,977 59,961 171,136 2017 Estimate 8,336 57,087
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