⚠️ Former Rite Aid Properties: The Legacy Rite Aid Store Chain Has Closed
This page covers the legacy Rite Aid store operator, meaning the debtors in the Chapter 11 cases led by Rite Aid Corporation in 2023 and by New Rite Aid, LLC in 2025, and their bankruptcy estate, not the new team that now uses the Rite Aid name online. Rite Aid filed for Chapter 11 a second time on May 5, 2025, about eight months after the plan in its first Chapter 11 case took effect on August 30, 2024; the first case had been filed on October 15, 2023. The legacy chain no longer operates stores: the website now using the Rite Aid name says the old stores are not coming back (riteaid.com, checked October 8, 2026), and the 2025 Chapter 11 plan, effective December 31, 2025, established a liquidating trust. For NNN investors, any property marketed as a “Rite Aid” today is a former Rite Aid real estate asset: the lease has either been rejected in bankruptcy, assumed and assigned to an acquirer, or the property is being re-leased or redeveloped. This page provides the framework for evaluating former Rite Aid real estate on alternative-use and redevelopment economics.
| Metric | Details |
|---|---|
| Parent / Legal Entity | Legacy store operator: New Rite Aid, LLC and affiliated debtors (Chapter 11 filed May 5, 2025, D.N.J.). Original lead case No. 25-14861, in which a final decree has been entered; the plan took effect December 31, 2025, and the operative wind-down docket is Lakehurst and Broadway Corporation, Case No. 25-14831, where remaining claims and matters are administered |
| Credit Ratings | No verified rating: we have not independently verified current S&P, Moody’s or Fitch records for the legacy Rite Aid entities (checked October 8, 2026) |
| Investment Grade Status | No verified rating; the legacy store operator no longer operates stores |
| Sector | Retail Pharmacy (former) |
| Ownership | Chapter 11 wind-down; prescription files and some stores sold to other operators, including CVS (stores and prescription files) and Weis Markets (prescription files) |
| US Location Count | No legacy Rite Aid stores operating (riteaid.com, checked October 8, 2026); 2,309 stores at March 4, 2023 (fiscal 2023 Form 10-K) |
| Geographic Concentration | Largest states by store count at March 4, 2023: Pennsylvania, California, New York, Michigan, Ohio, Washington |
| Cap rate | Not applicable to the Rite Aid name; former stores are priced on the current tenant or on alternative-use value |
| Lease Status | Leases were rejected, or assumed and assigned, in the bankruptcy cases; any “Rite Aid lease” on the market requires verification |
| Guarantee Type | Claims under a legacy Rite Aid guaranty are handled in the bankruptcy case; check the docket for a specific lease |
| Typical Building Size | About 13,600 SF average (about 11,200 SF in the East, 18,500 SF in the West), per Rite Aid’s fiscal 2023 10-K |
Rite Aid Business Overview & Former-Property NNN Profile
After acquiring the Brooks Eckerd stores in 2007, Rite Aid was the third-largest retail drugstore chain in the United States, with 5,142 stores at September 1, 2007, and 5,059 stores in 31 states and the District of Columbia at March 1, 2008. A 2015 agreement to merge with Walgreens that was abandoned in 2017 after antitrust review, a 2017 asset sale in which Walgreens agreed to buy 1,932 Rite Aid stores and related distribution assets for about $4.375 billion, extensive opioid-related litigation, and weak operating results preceded the company’s first Chapter 11 filing on October 15, 2023. The plan in the first case took effect on August 30, 2024.
On May 5, 2025, New Rite Aid, LLC filed a second Chapter 11 petition in the U.S. Bankruptcy Court for the District of New Jersey. Unlike the first filing, this was a Section 363 sale process from the outset: the company was explicitly winding down and selling assets piecemeal. Prescription files were sold to other pharmacy operators, including CVS, which agreed in May 2025 to buy prescription files and take over certain stores in Idaho, Oregon and Washington for $465 million (closings were completed in the third quarter of 2025), and regional grocers such as Weis Markets. Real estate leases were either assumed and assigned to acquirers, rejected outright, or the underlying properties were sold fee-simple where Rite Aid owned the real estate. The legacy chain no longer operates stores. Any property being marketed in 2026 as a “Rite Aid NNN” is, therefore, former Rite Aid real estate and must be evaluated as such. For the broader credit tenant ratings framework used to underwrite pharmacy real estate, the active sector tenants are CVS and Walgreens.
Rite Aid Credit Rating History & Default Timeline
Rite Aid’s credit history traces a long decline that ended in two Chapter 11 filings. We have not independently verified current S&P, Moody’s or Fitch records for the legacy Rite Aid entities, so this page does not report a current agency rating for them. The first Chapter 11 plan took effect on August 30, 2024 and briefly established a new capital structure, but the company filed a second case on May 5, 2025. For a lease today, the relevant credit is the current tenant and any guarantor, not the legacy Rite Aid entity.
Sources: Rite Aid Corporation Form 8-K filed October 16, 2023, for the first filing date; U.S. Bankruptcy Court for the District of New Jersey, letter opinion of June 11, 2026 in Case No. 25-14831, for the plan effective dates.
For NNN investors, the historical credit rating is now only relevant for historical context. The immediate question is: what did the acquirer of the specific property actually buy? Options include: (1) the lease was assumed and assigned to a new occupant through the Chapter 11 process, (2) the lease was rejected and the landlord now has a vacant box, (3) the underlying real estate was owned by Rite Aid and was sold fee-simple in the sale process, or (4) the property was acquired out of bankruptcy by a pharmacy competitor (CVS, Walgreens) or non-pharmacy tenant (Dollar Tree, Dollar General, Aldi, urgent care, dental) that now occupies the space. Each of these scenarios produces a different investment profile.
Former Rite Aid Lease Structure Analysis
Rite Aid’s fiscal 2023 10-K said it leased 2,221 of its 2,309 stores, many under original terms of 10 to 22 years. Beyond base rent, certain leases required payments based on sales volume and reimbursement of taxes, maintenance and insurance, and most had renewal options, some with rent increases. Roof, structure and other responsibilities varied by lease. The corporate guarantor was Rite Aid Corporation or specific operating subsidiaries. The first Chapter 11 case began on October 15, 2023, and its plan took effect on August 30, 2024. In the May 2025 second Chapter 11, the remaining leases were either assumed and assigned to sale acquirers or rejected.
Investors evaluating any property marketed as a “Rite Aid” in 2026 should require the listing broker to produce: (1) confirmation of whether the lease was assumed-and-assigned to a specific acquirer and if so, the new tenant identity, (2) the specific lease amendment or assignment documentation reflecting the post-bankruptcy terms, (3) proof that the current occupant is paying rent under a specific lease term with a specific remaining expiration, (4) the Bankruptcy Court order approving the assignment or assumption, and (5) the new tenant’s credit profile, which may be a strong pharmacy operator (CVS, Walgreens, Kroger pharmacy), a non-pharmacy operator (Dollar Tree, Aldi, Planet Fitness), or a private regional operator. Do not rely on “Rite Aid” branding on the listing; the actual economic tenant may be a completely different credit.
Former Rite Aid Real Estate Pricing Reality
Former Rite Aid real estate is priced on whatever happens to it next. Where a lease was assumed and assigned to a stronger operator, the property tends to price like that operator’s other leases. Where the store is dark, buyers price it on land value, the cost of re-tenanting and alternative uses.
In between are properties where the former Rite Aid box has been re-leased to a new tenant. Former drugstores can suit discount retail, grocery, fitness and medical users such as urgent care, dental and veterinary clinics, depending on the building and location. For broader guidance on pricing distressed-credit and special-situation net lease real estate, review the investment grade guide framework.
Former Rite Aid Geographic Footprint & Backfill Activity
At March 4, 2023, Rite Aid’s largest states by store count were Pennsylvania (487), California (477), New York (271), Michigan (249), Ohio (195), Washington (191) and New Jersey (112), with smaller counts in 10 other states. The company was long based in Camp Hill, Pennsylvania, and listed its headquarters in Philadelphia in its final annual report.
The specific backfill activity varies dramatically by market. Some buyers acquired only prescription files, which left those Rite Aid buildings to be re-leased or sold; CVS, for example, bought the prescription files of 626 former Rite Aid and Bartell Drugs pharmacies and took over 63 stores in Idaho, Oregon and Washington (CVS Health news release, October 15, 2025). Rite Aid stores averaged about 13,600 SF, a size that can suit discount retail, grocery, fitness and medical users, though conversion costs vary by building.
What Happens Next for Former Rite Aid Real Estate
The legacy Rite Aid store operations have ended; what remains is the re-leasing or sale of former stores. The remaining real estate activity through 2026 and 2027 consists of: (1) ongoing backfill leasing at dark boxes that did not find a pharmacy acquirer, (2) redevelopment of obsolete or poorly-located boxes into ground-up alternative-use properties (dental, urgent care, veterinary, quick-service restaurant pads), (3) demising of larger former Rite Aid boxes into multi-tenant configurations, and (4) complete scrape-and-rebuild on high-land-value infill sites.
For NNN investors evaluating former Rite Aid real estate, the key underwriting discipline is: do not buy the former Rite Aid brand; buy the new economic tenant and the specific lease, or buy the dirt at dark-box pricing with a credible alternative-use plan. CVS and Walgreens, two national drugstore chains, have both been closing stores: CVS closed 221 retail stores in 2025 under its restructuring plan, and Walgreens, which Sycamore Partners took private in August 2025, said in mid-2025 that it expected to close 1,200 to 1,300 stores by the end of fiscal 2027. The Rite Aid wind-down is one result of this consolidation among drugstore chains.
Former Rite Aid NNN Investment: Pros & Cons
| Pros (Real Estate Upside) | Cons (Tenant Credit Extinguished) |
|---|---|
| Dark Box Pricing: Vacant former Rite Aid properties may price below comparable properties with a paying tenant, which can create value-add entry points for buyers with backfill relationships. | Legacy Store Operator Closed: The legacy Rite Aid store operator no longer operates stores (a new team uses the Rite Aid name online); any “Rite Aid lease” requires verification of any post-bankruptcy assumption and of the current tenant. |
| Backfill Potential: Rite Aid stores averaged about 13,600 SF, a size that can suit discount retail, grocery, fitness and medical users. | Lease Assignment Risk: Leases that were assumed and assigned may have gone to operators other than the pharmacies that bought prescription files; confirm the assignee’s credit. |
| Infill Locations: Some former Rite Aid sites are corner parcels with drive-thru access, which can be valuable for redevelopment. | Rural Market Risk: Former Rite Aid boxes in rural markets may face fewer backfill prospects and may require rent concessions or capital investment. |
| 1031 Exchange Use: A former Rite Aid property held for investment can be like-kind replacement real property under 26 U.S.C. 1031 if it is identified within 45 days and received within 180 days (or by the return due date, if earlier); a value-add plan adds re-leasing time and risk. General information, not tax advice. | Environmental & Structural Legacy: Pharmacy buildouts include specialized utilities, refrigeration, and potentially hazardous waste history that must be diligenced. |
Comparable NNN Tenants
| Tenant | Rating | Sector |
|---|---|---|
| CVS Health | BBB/Baa3 | National Pharmacy |
| Walgreens | No current rating verified (checked October 8, 2026) | National Pharmacy |
| Dollar General | BBB/Baa3 | Discount Variety (possible backfill user) |
| Dollar Tree | BBB | Discount Variety (possible backfill user) |
| Rite Aid (legacy store operator) | No verified rating | Former pharmacy chain, stores closed (real estate only) |
Former Rite Aid Properties and Comparable Tenant Cap Rates
Active listings marketed under the Rite Aid name in the listings InvestmentGrade.com tracks: 1. We have not verified the current tenant, occupancy or lease status of these properties, so treat any cap rate quoted on one as unverified until the current lease and rent are confirmed; it reflects the lease in place today, not legacy Rite Aid credit. Live asking cap rates for comparable tenants:
| Tenant | S&P / Moody’s | Median asking cap rate | Middle half of listings | Listings | Median vs. 10-year Treasury |
|---|---|---|---|---|---|
| CVS | BBB / Baa3 | 6.50% | 6.00% to 7.15% | 149 | +126 bps |
| Dollar General | BBB / Baa3 | 7.00% | 6.60% to 7.75% | 533 | +176 bps |
| Dollar Tree | BBB / n/a | 7.34% | 6.75% to 8.00% | 84 | +210 bps |
| Walgreens | n/a / n/a | 7.50% | 6.65% to 8.50% | 343 | +226 bps |
Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Rite Aid.
How the live figures are counted: listings InvestmentGrade.com tracks that pass our net lease screen, are observed as active, are not marked under contract, contract pending, closed or on hold, are not suppressed, and ask at least $150,000 or show no price; cap rate figures use only listings that publish an asking cap rate; ground lease offerings are included without separate adjustment; the screen also excludes listings that its review of the listing text identifies as bundling several properties or tenants, as leasehold interests, as vacant or dark stores, as land or owner-user sales, or as having billboard, ATM or cell tower income, but it can miss some, so confirm the interest being sold and every income source in each offering. Rite Aid appears in the table only if at least three active listings marketed under its name publish a cap rate.
Frequently Asked Questions About Former Rite Aid NNN Real Estate
No. The legacy Rite Aid store operator (the debtors in the Chapter 11 cases led by Rite Aid Corporation in 2023 and New Rite Aid, LLC in 2025) filed for Chapter 11 a second time on May 5, 2025 and no longer operates stores; its 2025 plan took effect on December 31, 2025 and established a liquidating trust. A new team now uses the Rite Aid name online and says the old stores are not coming back (riteaid.com, checked October 8, 2026). CVS and other pharmacy operators acquired prescription files from Rite Aid pharmacies through the Chapter 11 sale process. Any property being marketed in 2026 as a “Rite Aid NNN” is former Rite Aid real estate, not an active Rite Aid tenant.
The legacy Rite Aid store operator no longer operates stores, and its leases were rejected, or assumed and assigned, in the Chapter 11 cases. We have not independently verified current S&P, Moody’s or Fitch records for the legacy Rite Aid entities, so we do not report a current agency rating for them. For a former Rite Aid property, the credit that matters is the current tenant and any guarantor under the lease in place today.
Through the Section 363 sale process in 2025, Rite Aid sold prescription files to other operators, including CVS, which also took over 63 former Rite Aid and Bartell Drugs stores in Idaho, Oregon and Washington, and Weis Markets, which reported buying prescription files. Real estate leases were handled separately: some were assumed and assigned to buyers, others were rejected outright, and the relatively few stores Rite Aid owned (88 of 2,309 at March 2023) were handled separately.
Require the listing broker to produce: the specific post-bankruptcy lease or lease assignment, the identity of the current economic tenant (which may be CVS, Walgreens, Dollar Tree, or any other operator), proof of current rent payment under a specific lease term with a specific remaining expiration, and the Bankruptcy Court order approving the assumption or assignment. If the property is a vacant dark box, evaluate it on redevelopment or alternative-use economics, using local land values and comparable sales.
What cap rates are listed for former Rite Aid properties?
The live table on this page shows a Rite Aid median asking cap rate only when at least three active listings marketed under the Rite Aid name publish one; otherwise it shows comparable tenants only. Any such cap rate reflects the lease in place today, not legacy Rite Aid credit. Pricing for a specific property depends on the remaining lease term, rent level, location and lease guarantor, and asking cap rates are not closed-sale cap rates.
Rite Aid stores averaged about 13,600 SF (smaller in the East, larger in the West), a size that can suit: discount variety (Dollar Tree, Dollar General), discount grocery (Aldi, Lidl, Grocery Outlet), fitness (Planet Fitness, Crunch Fitness value tier), urgent care and primary care clinics, dental and orthodontic offices, veterinary hospitals, and multi-tenant demising for medical and service retail combinations. Drive-thru pharmacies can convert to drive-thru QSR, coffee, or banking pads. The specific best-use depends on the submarket demographics, surrounding co-tenancy, and the cost of tenant improvements relative to the acquisition basis.
A former Rite Aid building bought for repositioning can create depreciation opportunities. Interior improvements that the buyer makes to a nonresidential building after the building was first placed in service may qualify as qualified improvement property under 26 U.S.C. 168(e)(6), which is 15-year property; property acquired after January 19, 2025 can be eligible for 100% bonus depreciation under section 168(k), as amended by Public Law 119-21, and a cost segregation study may reclassify part of the purchase price into 5-, 7- or 15-year property. Enlargements, elevators, escalators and structural framework do not qualify, results vary widely by property, and bonus depreciation is generally recaptured on a taxable sale unless the gain is deferred. Consult a tax professional. See depreciation by NNN property type.
Own a Former Rite Aid Property?
When a tenant closes stores or stops operating, the value of the property depends on the current lease, any replacement tenant and how easily the building can be re-leased. We can review the lease and the replacement tenant’s credit, prepare an opinion of value from current listings and recent sales, and help you sell or find a replacement property in a 1031 exchange.
Related NNN Tenants
Former Rite Aid Properties Observed For Sale
1 active listing of former Rite Aid properties observed across public listing sources, most recently Oct 9, 2026. Rite Aid is no longer operating, so these properties are vacant, re-tenanted or being repositioned; confirm the current tenant and lease for each one. Asking figures as published by the listing party.
| Location | Asking Price | Cap Rate | Building SF | Term Left | |
|---|---|---|---|---|---|
| Montrose, PA | $1,900,000 | n/a | 14,673 | n/a | View listing |
Search all 1 observed former Rite Aid listings and the full NNN inventory
Market observations aggregated from listing broker materials; not offerings by Investment Grade Income Property, LP. Buyer representation available on a cooperating commission basis. Information deemed reliable but not guaranteed.
