Next Realty Acquires Rite Aid Property in Virginia Beach, VA
Affiliates of Next Realty, LLC and Galloway Group, Inc. have acquired a single-tenant, 13,195 square-foot Rite Aid store located at 840 S. Military Highway (US 13), Virginia Beach, VA.
The property was originally developed in 2000 as an Eckerd Pharmacy and in 2006 was sold, along with 1,800 other Eckerd locations, to Rite Aid. The property is currently leased on a long-term basis to Rite Aid.
“We are pleased to add this property to a portfolio that includes long term retail investments,” says Andy Hochberg, CEO and Managing Principal, Next Realty. “In this current climate, drug store investments are very favorable because of the essential nature of the products and services they provide.”
The property sits on approximately 3.25 acres of land and benefits from its strategic location at the signalized intersection (6 lanes each way) of Military Highway and Indian River Road. This intersection is an important crossroads in Virginia Beach. Road improvements at this intersection are among the most extensive in the Tidewater region for a non-freeway intersection.