Image via Kidder Mathews

A wave of former Rite Aid locations across the Central Valley is finding new life as investors, grocers and medical providers are moving quickly to acquire properties of the former retail pharmacy, highlighting the strong demand of mid-size boxes. 

After Rite Aid’s second bankruptcy in two years, the pharmacy chain offloaded nearly 1,200 leases, including 20 in the Central Valley, which opened up 375,000 square feet, according to a 2025 Business Journal article. 

Colliers International brokers Gil Lara and Ted Fellner have managed about a dozen Rite Aid properties for years, and said that activity on those sites has moved rapidly.  According to Lara, demand for former Rite Aid locations has been strong, reflected in multiple sales, escrows and new uses.

Some spaces have already been repurposed for health clinics, specialty federally qualified medical providers and grocery stores, including Hispanic-owned and Middle Eastern-owned retailers. Others, like a former northeast Fresno location, reopened as a Grocery Outlet.

Fellner said his long-term relationship with Rite Aid helped him and Lara secure control of multiple former stores and connect with other Central Valley property owners.

While some stores remain on the market, they said prospective users range from medical operators to grocers and even banquet halls. 

Lara noted that they have started to see more movement in stores similar to Rite Aid.

“We’ve started to see some movement as well with some of the CVS Pharmacy and Walgreens, and that may be the next wave of midsize boxes to come,” Lara said.