eCkerd - AEI Capital Corporation

Net Lease I nCOME Property f or sale
Eckerd
Offered
Auburn, New York
For Sale by Owners
LESSEE:
Eckerd Corporation
The Jean Coutu Group of Canada
purchased Eckerd Corporation in
July of 2004 for a reported price of
$2.375 billion. In June 2007, Rite Aid
Corporation acquired 1,854 Brooks
and Eckerd stores along with six distribution centers creating the largest
drugstore chain on the East Coast
and strengthening its position as the
third largest U.S. drugstore chain
with a total of 5,160 stores.
AEI file photo
LEASE:
Net lease, including roof, structure,
HVAC and parking lot. The primary lease term commenced April
22, 2004 and ends April 21, 2024,
with four five-year renewal options
thereafter.
OFFERING PRICE:
$5,684,700
Appraised Value: $6,050,000
ECONOMICS:
Annual Rent: $369,506
Cap Rate: 6.50%
On April 22, 2024, the rent
increases by approximately 1.8%
at the beginning of each renewal
option period.
Purchase price and corresponding
initial yield subject to change.
Tenant-in-common interests
are available at a minimum of
$250,000.
PROPERTY:
Land:
Building:
Year Built:
99,218 Sq. Ft.
13,813 Sq. Ft.
2004
LOCATION:
153 Grant Avenue
Auburn, New York 13021
TENANT:
Eckerd is a strong, well-recognized drug store banner. Eckerd stores provide
customers with high-quality, professional pharmacy services together with
a wide variety of non-prescription, "front-end" products, including beauty,
cosmetic and fragrance products, over-the-counter medications, personal
care products, and private label products. Also provided are consumable,
seasonal and promotional items tailored to local consumer demand for
convenience and quality. With an attractive geographic footprint, Eckerd
stores are generally located in prime retail locations. In June, 2007, Rite Aid
Corporation, one of the nation’s leading drugstore chains, announced that
it has acquired 1,854 Brooks and Eckerd drug stores and six distribution
centers from the Jean Coutu Group and others. This acquisition by Rite Aid
strengthens its position as the largest drugstore chain on the East Coast and
third largest U.S. drugstore chain.
BUSINESS AREA INFORMATION:
The property is located on the corner of Grant and Standart Avenues in the
Northeastern portion of Auburn. The area surrounding the site is comprised of
mainly commercial/retail properties with approximately 25% multi-family and
single-family homes to the west. Downtown Auburn houses four of the top 200
manufacturing companies in central New York state; McQuay International,
Auburn Technology, Nucor Steel and TRW Automotive. Auburn is located in
the beautiful Finger Lakes Region of New York State and is approximately 30
miles West of Syracuse.
Offered For Sale By Owners:
AEI Real Estate Fund XVIII Limited Partnership and
AEI Net Lease Income & Growth Fund XIX
Limited Partnership
1300 Wells Fargo Place, 30 East Seventh Street
St. Paul, MN 55101
651-227-7333 / 800-234-1031 / 651-227-7705 (fax)
Disclosure documents regarding this property are available upon request only to registered financial planners, legal advisors and accredited investors.
06/07/07