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The site of a former Rite Aid in Baltimore City recently sold for $1.85 million. (Courtesy Photo)
Physical therapy practice acquires former Baltimore Rite Aid site
Listen to this articleEagle Physical Therapy & Rehabilitation, an establishment with clinics in Baltimore City and Baltimore County, has acquired a property for $1.85 million as the business plans to expand in the area.
Most recently leased by Rite Aid, 250 W. Chase Street is a free-standing building in Baltimore’s Mount Vernon neighborhood occupying 11,113 square feet. Eagle Physical Therapy purchased the property from West Chase 250 LLC, according to a release.
The business specializes in physical, occupational and speech therapy and plans to relocate its current downtown Baltimore headquarters and medical facility from 1020 St. Paul Street early next year, according to MacKenzie Commercial Real Estate Services LLC.
“Eagle Physical Therapy & Rehabilitation outgrew its previous headquarters and it was imperative to retain the headquarters of the practice group, as well as its medical facility downtown, because the owners are passionate about Baltimore City and wanted to demonstrate its confidence in the area with this substantial long-term investment,” MacKenzie executive Jim Grieves said.
“In addition, many of its employees and patients reside in the downtown area, and the owners felt compelled to remain here to minimize any disruption to its many stakeholders and audiences.”
The Mount Vernon Rite Aid store closed in January 2024. Grieves represented the buyer while KLNB Retail‘s Matt Copeland and Michael Ginsburg represented the seller in the transaction.
The physical therapy practice, also offering mental health services, provides on-site services at private residences and healthcare facilities throughout the state.
The property, situated at the intersection of West Chase Street, Martin Luther King Jr. Boulevard and North Howard Street, is in a high-traffic area with nearly 100,000 residents within a 1.5-mile radius.
“The site’s combination of outstanding road visibility, immediate availability, and a surface parking field in a parking-restrictive environment, propelled it to the number one choice,” Grieves added.
