Rite Aid Corp. unveiled its initial store closure list, totaling 154 locations, in a bankruptcy filing earlier this month. S&P Global Market Intelligence identified in a recent analysis that 12 of these store closures are at properties that shopping center REITs own.
Brixmor Property Group Inc. owns three shopping centers with a closing Rite Aid, namely Sunshine Square in Medford, N.Y., Lehigh Shopping Center in Bethlehem, Penn. and Plymouth Square Shopping Center in Conshohocken, Penn.
Kimco Realty Corp. also owns three properties on the list. The REIT's Ingleside Shopping Center in Baltimore housed a 11,868 sq. ft. lease with Rite Aid, while its Turnpike Plaza in Huntington Station, N.Y. has a 11,010 sq. ft. lease and its Ocean Plaza in Brooklyn, N.Y. has a 10,000 sq. ft. space.
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Retail Opportunity Investments Corp. owns two properties with a closing Rite Aid, namely Thomas Lake Shopping Center in Mill Creek, Wash. and South Point Plaza in Everett, Wash.
Other REIT-owned shopping centers on the list included Kite Realty Group Trust's Gardiner Manor Mall in Bay Shore, N.Y., Regency Centers Corp.'s The Hub Center in Bethel, Conn., Saul Centers Inc.'s Lumberton Plaza in Lumberton, N.J., and Slate Grocery REIT's Panorama Plaza in Rochester, N.Y.
The full list of 154 closing stores included 39 locations in Pennsylvania, and 31 in California.
Twenty of the closing stores were in New York, while 19 were in Michigan. New Jersey and Washington had 12 and 11 closing Rite Aid stores, respectively.