Lack of parking a ‘challenge’ to sale of former Tarentum Rite Aid building, realtor says
There’s interest in buying the former Rite Aid building in Tarentum, including for a retail business, but the lack of parking is a challenge, a realtor said.
The pharmacy at 411 Corbet St. closed in March after a liquidation sale. Rite Aid still owns the building, and is “motivated to make something happen,” said Ronald Tarquinio, owner and president at Tarquincore on Pittsburgh’s South Side who has been working on the building’s sale since May.
The three-story, 35,000-square-foot building has 13,308 square feet of retail space on the first floor. It is listed for $100,000, Tarquinio said.
The property has an assessed value of just over $752,000, according to Allegheny County. JC Penney Properties bought it in 1987 for $240,000; it was transferred to Thrift Drug in 2004 for $10, according to the county’s real estate website.
Tarquinio described it as being in pretty good shape.
“Rite Aid does not want this building to sit empty,” he said. “Their goal is to make something happen.”
Interest has been expressed from tenants who would use the building for retail and office space. But, “The parking is a challenge,” Tarquinio said.
“When they dressed up the street, they filled in the parking in front of the building,” he said, referring to the decorative bricks and trees between the sidewalk and street on both sides of the road.
Tarquinio said he has spoken with borough officials about what could be done about the parking situation, and he is encouraged by the discussions.
“If the client says that’s the stumbling block, we’ll put our thinking caps on and try to figure out something to solve it,” he said.
Borough Manager Michael Nestico and council President Erika Josefoski could not be reached for comment.
Tarquinio said the building benefits from a freight elevator and loading dock, and a desirable location with access to Route 28.
“Tarentum is a nice little town. It’s got a lot of pluses to it,” he said.
“Tarentum should look at restoring the parking in front of those buildings,” Tarquinio said, adding that just five or six spaces could make a difference. “In today’s world, that’s a large part of it. Allowing people to be able to pull up, get what they need and leave is huge.”