Lavallette Rite-Aid Building Sold, Being Marketed to New Tenants

The Rite-Aid store in Lavallette, N.J., June 2025. (Credit: LoopNet)

One of the largest physical structures along Grand Central Avenue in Lavallette, the Rite-Aid building at the corner of Reese Avenue is now being marketed to new tenants with the impending closure of the chain pharmacy store. Officials have worried that the building could go unoccupied if a new tenant is not found, and has discussed the zoning of the site.

Ocean County property records indicate a notice of settlement on the sale of the property was filed July 17, 2025, recording a sale of the building by C.P. Beckett Group, a North Jersey commercial real estate firm, to Ben and Phil D’Aloisio, local Lavallette business owners. A copy of the deed with a sale price had not yet been published by the Ocean County Clerk’s office. The notice of settlement was published Aug. 1. The latest advertisement for the building was published online July 24, 2025, having been slightly updated from an earlier version published earlier this year.

Rite-Aid stores have been closing across the state since the company declared bankruptcy in May. About 30 locations have already shut their doors.

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The leasing ad, published by brokerage firm R.J. Brunelli & Co., advertises 8,900 square feet of space. It is seeking mainly retail tenants, with examples of a “variety store, department store, bikes and sporting goods, pharmacy, card and gift store, home improvement store, hardware store, seasonal goods, health club, or other retail use.”

While Lavallette officials have no control over which party owns or leases space in the building, officials have raised the question as to what type of business would move in to such a large building in what is otherwise a small downtown area. More realistically, the building would likely be divided so multiple businesses could operate, however the borough’s zoning code may preclude such a plan, depending on how it is proposed. This question has led officials to begin considering how to manage the situation with respect to the zoning issue. The matter has not been discussed since the initial concerns were raised.

According to county tax records, the building is assessed at $1,650,300, and last year paid $15,611 in property taxes. The deed was last issued for the property in 2003.