A&G to offer 79 more Rite Aid store leases

Marianne Wilson
Editor-in-Chief
Rite Aid
Rite Aid filed for Chapter 11 in October.

The financial restructuring of the country’s third-largest drug store chain continues.

A&G Real Estate Partners plans to market for sale an additional group of pharmacy leases, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. The group is made up of 79 store leases across 11 states (locations at end of article.) A&G is serving as real estate advisor for Rite Aid, which filed for bankruptcy in October.

The latest grouping follows the 92 Rite Aid store leases that became available on November 15, 2023. The stores range from 5,502 to 31,468 sq. ft. The highly visible sites include 53 freestanding locations (41 of which offer attached one- or two-lane drive-throughs). Nineteen stores are located in strip or power centers, and seven are in central business districts.

To date, A&G has marketed 180 Rite Aid and Bartell Drugs leases, and 73 of which have been removed due to a sale or rejection of the lease.  A&G said it may market additional leases, with the total number depending on the outcome of ongoing negotiations between A&G and Rite Aid landlords, as the chain’s restructuring continues.

"In consultation with A&G, Rite Aid is working to strengthen its overall financial position by reducing its rent expenses and optimizing its portfolio,” said A&G co-president Andy Graiser. “As it does so, other retailers and investors are now able to acquire leases and properties that once were out of reach locations, in attractive markets across the United States."

Including options, all the leases being marketed by Rite Aid have more than 10 years of remaining term. 

The newly available leases are located in the following 11 states:

•California (11);

•Connecticut (5);

•Maryland (1);

•Michigan (11);

•New Jersey (6);

•New York (3);

•Ohio (9);

•Oregon (4);

•Pennsylvania (11);

•Virginia (7); and

•Washington (11).

X
This ad will auto-close in 10 seconds