The Ellwood City Rite Aid will be set for an online auction beginning next month.
The pharmacy is among dozens of stores that is set to close or have been closed already as part of a corporate bankruptcy filing.
The online auction will take place June 23 to June 25 for the 5th Street facility. The starting bid is $850,000.
According to its LoopNet.com online listing, Colliers is pleased to present for sale the 100 percent fee simple interest in Rite Aid (the “Property” or the “Asset”) located at 115 5th St, Ellwood City, PA. Built in 2005, the 13,824 square foot, single-tenant net-leased asset is leased to Rite Aid Pharmacy. The Tenant has signed an Absolute Net lease through Feb 2037 providing a future owner excellent cash flow for years to come.
VIEW FULL LISTING: https://www.loopnet.com/Listing/115-5th-St-Ellwood-City-PA/35759148/
The embattled pharmacy chain that has shuttered hundreds of stores in the past year and again filed for Chapter 11 bankruptcy protection early in May and has indicated that all Rite Aid stores will either close or be operated by a new owner over the next several months.
No closing date has been announced for the Ellwood City location.
Earlier this month, Rite Aid Corporation announced that it has successfully entered into a series of sale agreements and pharmacy services transition agreements. This includes the rolling transition of pharmacy assets from more than 1,000 store locations across the U.S. to operators including CVS Pharmacy, Walgreens, Albertsons, Kroger, and Giant Eagle, among others, as well as the sale and operation by CVS Pharmacy of many Rite Aid and Bartell Drugs stores located in Washington, Oregon, and Idaho. [READ MORE]
ABOUT RITE-AID: Rite Aid is a full-service pharmacy committed to improving health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of solutions that offer convenience, including retail and delivery pharmacy, as well as services offered through the Company’s wholly owned subsidiary Bartell Drugs. For more information, please visit www.riteaid.com.
wnen CVS opened and had the contract with aetna medicare the handwriting was on the wall for rite-aid.