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.