Corporate Giant Eagle Pharmacy
Giant Eagle Pharmacy conversion with corporate credit, strong demand, and rent 50% below replacement
Marketing description
A rare Giant Eagle Pharmacy conversion — one of only two former Rite Aid sites selected statewide — located in the heart of the Altoona/Hollidaysburg daily-needs corridor. Giant Eagle took over a high-volume prescription business, reaffirming the strength of this location and its dominant healthcare position in the market.
The asset delivers corporate-guaranteed stability, a true drive-through prototype, and an exceptionally low rent structure (±$10.67/SF)—less than half of comparable healthcare retail—providing both intrinsic downside protection and long-term re-tenanting leverage. At an all-in basis near 50% below replacement cost, the deal is underpinned by real estate fundamentals that are almost impossible to replicate today.
Surrounded by Walmart, Lowe’s, Sheetz, Dunkin’, and UPMC Altoona, the site benefits from strong prescription demand, daily traffic, and an affluent, stable consumer base. With 10% built-in rent bumps and clear repositioning potential, this offering combines credit-backed income, proven sales, and meaningful upside—a compelling play for investors seeking durable healthcare retail with below-market rent and long-term value creation.
Investment highlights
• Rare Giant Eagle Conversion – One of Only Two in Pennsylvania
Giant Eagle selected this former high-volume Rite Aid as one of just two statewide conversions, validating the strength of script volume, market dominance, and long-term viability of the location.
• Corporate-Guaranteed Stability
Backed by Giant Eagle, Inc., a $11.5B Top 50 private company, providing secure, credit-backed income with no landlord responsibilities.
• Exceptionally Low Rent – 50% Below Market & Replacement Cost
Current rent of ±$10.67/SF is less than half of typical drive-through healthcare retail, while the asset trades at ~$150/SF, roughly 50% below replacement cost—creating meaningful intrinsic value.
• Proven Prescription Demand & Market-Exclusive Position
This is the only full-service pharmacy in Hollidaysburg, with strong inherited Rite Aid script volume and no direct competition in the immediate trade area.
• Drive-Through Healthcare Prototype
Freestanding building with full drive-through, dedicated parking, and strong visibility along Route 22, the region’s dominant daily-needs corridor.
• Built-In Growth with 10% Rent Increases
Structured 10% rent bumps every three years and two renewal options, offering income growth supported by favorable tenant economics.
• Repositioning & Re-Tenanting Optionality
Below-market rent and a valuable drive-through pad provide flexible upside, whether through long-term Giant Eagle occupancy or future re-tenanting to healthcare, QSR, or service retail.
• Strong Regional Fundamentals
Located in the Altoona MSA—anchored by UPMC Altoona, Penn State Altoona, and multiple major employers—supporting recurring traffic, stable households, and durable prescription demand.
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