More than a year after the Rite Aid on East Saginaw Street near the Frandor Shopping Center was vacated by the national pharmacy chain, the just over 11,000-square-foot building is poised to house six new tenants.
The property owner, Bloomfield Hills-based Lormax Stern Development Company, has leased all but about 3,000 square feet of the newly subdivided building to restaurants Shake Shack, Smoothie King and Wing Stop, and retail store Batteries Plus. There’s room for up to two more tenants, Drew Ford, the owner’s marketing director, said.
Taking an existing Rite Aid and subdividing the space is an investment, area commercial real estate agents say. It hasn’t and won’t happen with all of the empty Rite Aids left standing in Lansing, East Lansing and Okemos, and in smaller outlying communities, including Eaton Rapids and St. Johns…