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Cornelius News

Future of former Rite Aid store looks bright

The old Rite Aid directs customers to Walgreens

Aug. 10. The Rite Aid on West Catawba Avenue at Jetton, one of 600 stores being closed nationwide, is for lease at $21 a square foot. There’s considerable interest in the 11,000 square foot building, even though brick and mortar retail isn’t what it used to be. Jones Lang LaSalle broker Louis Stevens said the future use will “likely be retail, but not pharmaceutical.” JLL has already had several inquiries about the Rite Aid building, which opened in 2007.

Rite Aid prescriptions were transferred to a nearby Walgreens, which bought 1,932 Rite Aid stores for $4.4 billion.There is another Rite Aid store in Cornelius at the intersection of North Main and Catawba, which is in the process of rebranding to Walgreens.

One interesting background detail is the fact that the Walgreens at Bethel Church and West Catawba was originally a financial institution. SouthTrust Bank, which was bought out by Wachovia, erected the good-looking building, which still looks like a bank on the West Catawba side.

Interestingly enough, the SouthTrust marketing team launched the bank with a party and a local duo from Concord. They were the Avett Brothers, who went on to become worldwide stars. In case you’re interested, they’re playing tonight at the Kresge Auditorium in Interlochen, MI.