Rite Aid HQ Sold to Developers

BizNewsPa.com reports that the Rite Aid headquarters on Hunter Lane in East Pennsboro Township has been sold. 

Options include razing building for eventual mixed use or keeping as is if only one party is interested.

Here's the news that ran on BizNewspa.com today:

Rite Aid sells HQ to developers

Philadelphia-area developers have purchased the former Rite Aid headquarters in Cumberland County and plan to redevelop the site.

  • Affiliates of Jenkintown-based Goodman Properties and Malvern-based E. Kahn Development paid $4.735 million for the roughly 205,000 square-foot complex, according to county deed records.
  • The developers are still working out their plans for the site, which is at 30 Hunter Lane in East Pennsboro Township, according to Adam Goodman, president of Goodman Properties.
  • "I would hope that we would be in front of the municipality before the end of the year with our game plan going forward and, hopefully, it is well-received," he said.
  • The headquarters -- comprised of a main office and a small annex -- has been largely vacant since Rite Aid moved to Philadelphia in 2022.

Will it stay an office: Only if the developers can find a single user, said Goodman, acknowledging that the likelihood is "very slim."

  • More likely is a mixed-use development that would start with demolition of the existing structure, he said.
  • "It's a great piece of real estate. It's in a wonderful, growing market," he said.
  • "We are excited to partner with Goodman Properties on this redevelopment project," added Eli Kahn, founder and president of E. Kahn Development.
  • The nearly 12-acre property, which is off Erford Road, had been listed by real estate firm JLL.
  • A Rite Aid spokesperson confirmed the sale but declined to comment further.

The background: While based near Philadelphia, both Goodman Properties and E. Kahn Developmenthave been active in Central Pennsylvania.

The neighborhood: The area around Rite Aid's old HQ is no stranger to redevelopment -- or demolition.

  • Harrisburg-area developer Triple Crown Corp. razed an office tower on the other side of Erford Road from Rite Aid and built a retail center, known as Camp Hill Commons.

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