Rite Aid Initiates Sale of Nearly 100 Store Leases and Properties, Including 13 in the Philadelphia Area, Following Its Chapter 11 Bankruptcy Filing.

Rite Aid is in the process of selling approximately 100 store leases and properties, including 13 in the Philadelphia region, as a part of its Chapter 11 bankruptcy proceedings. The Rite Aid locations earmarked for sale have either already closed or are slated for imminent closure. This inventory consists of 78 Rite Aid leases and 21 fee-owned properties.

Each of the Rite Aid (NYSE: RAD) leases available for purchase has a lease term of more than 10 years, inclusive of extension options. Given that Philadelphia-based Rite Aid does not own the properties at these sites, prospective lease buyers would take on the role of tenants and may modify the site’s use, provided such changes adhere to the lease terms. Pennsylvania hosts 12 leases available for sale, while six are situated in New Jersey.

*Article courtesy of Philadelphia Business Journal

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