Rite Aid – Menifee, CA

Acquired in 2017, this property featured a prominent, corner location at a signalized intersection in Menifee, CA. The property featured a strong surrounding credit tenant presence in addition to close proximity to Menifee Lakeside Communities and Menifee Lakes Country Club and Golf Resort.

OneV purchased a brand new 20-year lease, guaranteed by Rite Aid corporate. The NNN lease also featured low market rent and minimal landlord responsibilities, and the location reported above average store sales.

OneV elected to sell this property in late 2021 in order to diversify its portfolio into smaller single tenant assets. Following a successful sale, the OneV team was able to secure four separate NNN restaurant properties. The exchange properties featured longer term NNN leases with zero landlord responsibilities and corporate/top franchisee operators. The exchange also resulted in an almost 20% increase to annual cash flow over the yield that was provided by Rite Aid.