936 E Ludington Ave
Ludington, MI 49431
11 Years | Absolute Net Lease | Rite Aid · Retail Property For Sale

AMAZON PICK-UP LOCATION Rite Aid announced the addition of “Counter” by Amazon in June of 2019, which will enable quick and easy pickup of packages in-store at over 1,500 Rite Aid locations across the country. PREFERRED RITE AID LOCATION WITH 20+ YEARS OF OPERATING HISTORY Rite Aid retained this location in its sale of 1,900 locations to Walgreens in 2018 showing commitment to the site. The store has a successful operating history of 20+ years at this location. RECENTLY EXTENDED ABSOLUTE NNN LEASE WITH RARE 15% INCREASES Rite Aid recently extended the lease and has approximately eleven (11) years remaining on the primary term with two 5-year options to extend including rare 15% rental increases in the options. This is a true absolute net lease with no landlord responsibilities whatsoever. STABLE INCOME CORPORATE GUARANTEE Rental income guaranteed by Rite Aid corporate (S&P B Stable) Fortune 500 Company with over 2,500 locations. ADJACENT TO MEDICAL COMPLEX • Spectrum Health – Ludington Hospital - Ludington Hospital is a 49-bed acute care hospital offering a full range of services including inpatient medical, surgical, obstetrical and critical care units. Ludington Hospital has a 24-hour emergency department with all-private treatment rooms and a convenient care walk-in clinic. • Oakview Medical Care Facility - Oakview Medical is a county owned and operated 76-bed non- profit skilled nursing facility. In 2009, the addition of a twenty bed Alzheimer’s/Dementia special care unit was completed on site. Available services include twenty-four hour nursing care, physical therapy, occupational therapy, recreational therapy, speech therapy, and routine medical visits by attending physicians. LIMITED COMPETITION – NO RITE AID FOR 19 MILES The subject property benefits from limited competition with the next nearest Rite Aid location over 19 miles away. There is only one Walgreens in Ludington located three quarters of a mile to the east along Ludington Avenue making this a strategic location for both Rite Aid and Walgreens. STRONG NATIONAL RETAIL PRESENCE East Ludington is the main retail corridor leading to the Downtown District. There are numerous national retailers in the immediate area including Pizza Hut, Jimmy John’s, Fifth Third Bank, Walgreens, AutoZone, McDonald’s , Walmart Supercenter, Lowe’s and Stop-N-Save. LOCATED IN MICHIGAN DESIGNATED OPPORTUNITY ZONE The property is located in a qualified IRS designated opportunity zone, providing potential tax benefits to investors.