June 28, 2022 – Zach Smith, Steven Schiavello and Patrick Gray of Horvath & Tremblay have successfully completed the sale of Rite Aid in Vermilion, Ohio. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,951,784.
Rite Aid is located at 4580 Liberty Avenue in Vermilion, Ohio. Built as a free-standing store with drive-thru, the Property consists of 11,724 square feet on a 1.63-acre parcel at the signalized intersection of Liberty Avenue (US Route 6) and Salem Drive. Rite Aid recently executed a lease renewal option, demonstrating their commitment to the location and market. Rite Aid has 2+ years remaining on the initial lease term plus three (3), 5-year renewal options. The lease is fully guaranteed by Rite Aid Corporation and includes attractive rent increases at the start of each renewal option. Rite Aid is located along Liberty Avenue (US Route 6), Vermilion’s primary retail corridor, at the signalized intersection with Salem Drive. The Property offers excellent frontage, visibility, and access with two points of entry and egress. The Property is within 1.8-miles of the Vermilion High School, Middle School and Elementary School and is surrounded by national and regional retailers. The Property is also less than 1-mile from the shores of Lake Erie and the area beaches and marinas. Vermilion is ideally positioned along the southern shores of Lake Erie, and has garnered the title of the “Largest Small Boat Harbor on the Great Lakes.” Located 40-miles from downtown Cleveland, Vermilion is a popular vacation and second home community for those looking to escape the city.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.