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Real Estate - Commercial

Former Rite Aid Locations In Wilmington Available For Lease

By Johanna Cano, posted Jul 13, 2018
The Rite Aid pharmacy at 4502 Shipyard Blvd. closed May 21 and the store closed two weeks after. The store has a listing posted on its door stating it is available for lease. (Photo by Cece Nunn)
Three recently closed Rite Aid locations in Wilmington are available for other users through subleases, according to signs posted at the stores and property listings on The Providence Group website, a real estate firm in Charlotte.

The locations include former Rite Aids at 4502 Shipyard Blvd., 6930 Market St. and 2606 Carolina Beach Road.

Some brokers see a lot of potential in the locations. Commercial broker for Century 21 Sweyer & Associates Lynn Harris said she looked at one of the stores in anticipation that it might be suitable for a restaurant client.

“The stores are located in very visible, high traffic locations and have a very open layout that would be conducive to dining space,” Harris said in an email.

According to the listing, the former Rite Aid on Shipyard Boulevard, owned by ZP No. 142 LLC, according to New Hanover County Property tax records, is 13,824 square feet. The price per square foot is $12.50 and the sublease for this location expires July 2025.

The Market Street location is the smallest at 9,504 square feet, and the estimated price per square foot is also $12.50. The sublease for this location expires in 2019. The property owner is listed as ZP No. 173 in tax records.

On Carolina Beach Road, the former Rite Aid is 13,852 square feet, and the price per square foot is the lowest of the three at $10.50. The sublease expires June 2026. According to tax records, the site is owned by Florida-based Bermuda Company.

The closing of the Rite Aid stores came after Walgreens purchased 1,932 Rite Aid stores and three distribution centers in March, according to a Rite Aid press release.

Jim Graham, senior manager of media relations at Walgreens, said in an email that the company plans on closing around 600 stores.

He said the company reviewed all sites to ensure it has the right stores in the right location.

“We looked at many factors, including stores within a close proximity to other Walgreens or Walgreen-owned Rite Aid stores, to determine the best footprint to serve our customers and patients,” he said.

As for the open Rite Aids, Graham said Walgreens plans on starting the conversion process for them later this year, but not all of them will be converted to Walgreens.

There were previously six Rite Aid stores in Wilmington. Walgreens media relations manager Emily Hartwig-Mekstan said the pharmacies at the three locations closed in May and June, while the stores remained open for two weeks after to allow for the final sales of the products.

Patient prescription records were sent to Walgreens locations. The Shipyard Boulevard Rite Aid prescriptions are now at 4521 Oleander Drive. Market Street Rite Aid prescriptions are now at 6861 Market Street, and Carolina Beach Road prescriptions are now at the Walgreens on South 17th Street.

Hartwig-Mekstan said Walgreens is helping workers who were affected by the closings.

“We are committed to taking care of our team members throughout this process and expect to have positions at other locations for the majority of store employees who are impacted,” she said. “We will be making every effort to find the same or similar positions for team members.”
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