Rite Aid


April 19, 2024


Tenant Description

Rite Aid, with its origins in Scranton, Pennsylvania in 1962, has evolved into a key player in the U.S. retail pharmacy sector. Initially named Thrif D Discount Center, it was rebranded as Rite Aid in 1968, marking the beginning of its expansion journey. Over the years, strategic acquisitions, including the significant purchase of Hook's Drug Stores in 1994 and the Thrifty PayLess chain in 1996, have been pivotal in Rite Aid's growth. The acquisition of Brooks Eckerd in 2006 further solidified Rite Aid's presence, especially in the Eastern U.S., making it the third-largest drugstore chain in the nation with over 1,900 retail locations across 16 states and a workforce exceeding 45,000.

Beyond traditional retail pharmacy, Rite Aid has diversified its services to meet the evolving needs of its customers. It operates subsidiaries like Elixir, which offers a range of pharmacy benefits and services, and Health Dialog, providing healthcare coaching and disease management services. This expansion into comprehensive healthcare solutions highlights Rite Aid's commitment to enhancing health outcomes by facilitating access to both conventional and alternative medications.

Despite facing challenges, including a dramatic stock price drop in the late 1990s and exiting non-core markets like the Las Vegas Valley, Rite Aid has demonstrated resilience. Its ability to adapt to the changing landscape of the retail pharmacy industry is evident in its strategic decisions to merge, acquire, and diversify its service offerings.

Rite Aid's focus on convenience, healthcare solutions, and a wide array of services underscores its significant role in the pharmacy sector. The company's journey from a single store to a major chain reflects its strategic growth and commitment to health and wellness.

The combination of Rite Aid's expansive network, diverse service offerings, and strategic growth initiatives positions it as an attractive tenant in the commercial real estate market.

Average Asking Cap Rate


3 mo avg (414 properties)

Typical Investment/Lease

Average Sale Price




$/Square Foot

$200 - $400

Building SF

11,000 - 13,800

Approx. Store Count


Lease Term

5 Years



Stock Symbol

Credit Quality


Average Asking Cap Rate Trend





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