Rite Aid 8530 Transit Rd

Rite Aid Corporation, now a privately held company (OTC: RADCQ), founded in 1962 in Pennsylvania, is the sixth largest retail drugstore chain in the United States based on revenue and number of stores. With approximately 1,300 stores in 16 states and the District of Columbia, Rite Aid has a strong presence on both the East and West Coasts. Over 80%+ of Rite Aid’s revenues come from medications and pharmacy services. They report 175 million pharmacy transactions per year and over 500,000 prescriptions per day. Rite Aid announced their new corporate strategy called RX Evolution, which included a $700 million plan to rebrand and overhaul their merchandise offerings. In 2023 the company reported $24 billion in revenue. After filing for reorganization bankruptcy in October 2023, the company emerged in September 2024 after slashing about $2 billion in debt and having received $2.5 billion in exit financing to position it for future success. Historically a highly successful store, the company has operated at this location for over 20 years, having previously extended the lease. This store’s lease was renegotiated through the company’s prior bankruptcy allowing the tenant to reset the rent at a low rate per square foot.
The property is located at 8530 Transit Road, Amherst in Erie County, New York. The town of Amherst is the highest-populated town in western New York and is a component of the broader Buffalo MSA (MSA population: 1.13M). Amherst is only 15 miles (24 minutes) from the city of Buffalo, NY, the second largest city in the state of New York and the largest city in Western New York. Amherst is less than a 6-hour drive from New York City, and less than a 2-hour drive from Toronto. The average household income in the one (1) mile demographic ring is an affluent $150,643, which is higher than the New York state average of $102,101. There are 120,344 residents located in the five (5) mile demographic ring. Situated in a busy retail corridor, surrounded by significant big box retail. Nearby stores include Target, Kohl’s, Wegman’s, Lowe’s, HomeGoods, BJ’s Warehouse Club, Dick’s Sporting Goods, Walmart Supercenter, Marshalls and many others. The property is on the hard-signalized corner of Transit Road & Klein Road, which report strong combined traffic counts of 50,378 cars per day. Buffalo Niagara International Airport, the largest airport by passenger traffic in Upstate New York is just 5 miles (12 minutes) away.
BROKER OF RECORD: ANDREW KNIGHT, NECB, INC., 860.648.1600, necbinc@gmail.com