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PBN FILE PHOTO
THE BUILDING constructed by the former Brooks Pharmacy to serve as its headquarters, above, is part of the 25-acre parcel purchased from Rite Aid today by New England Institute of Technology.
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WARWICK – New England Institute of Technology today announced that, as part of a long-term plan to relocate its campus, it has purchased a 25-acre parcel that includes the never-occupied Brooks Pharmacy headquarters.
The property, which used to be part of the Rocky Hill Fairgrounds, was purchased for an undisclosed sum from Rite Aid Corp. (NYSE: RAD).
Rite Aid had acquired the property in June, as part of its purchase of the former Brooks/Eckerd Pharmacy chain. (READ MORE) It includes the 285,000 square foot building – completed last year – that Brooks had intended would house its corporate headquarters.
“In a surprising and unanticipated development just before Christmas, we renewed discussions with Rite Aid regarding the sale of the former Brooks building,” Richard Grouse, NEIT’s president, said today in announcing the deal. “Rite Aid reconsidered an offer from the college, and a purchase and sale agreement has been negotiated and was signed today.”
The purchase is the first step toward creating a new NEIT campus on the East Greenwich-Warwick border, a goal the college announced in July.
At the time, school officials said they were in talks with at least five land owners for a total of 212 acres off Division Road that included a portion of the former fairgrounds. (PBN subscribers can READ MORE.) They cited the proximity of Interstate 95, which would allow the college’s students – most of whom commute – easy access from anywhere in the state.
Now, Grouse said, “We are extremely excited about this new development, and have asked our professional campus planners to immediately incorporate this site into our proposed campus plan.”
The college now operates two campuses, both in Warwick: a 26-acre parcel on Post Road and a 33-acre parcel on Access Road.
New England Institute of Technology, founded in 1940, offers more than 20 programs leading to associate’s or bachelor’s degrees, and through its Center for Technology and Industry, offers on-site technical skills training to employers nationwide. For additional information, visit www.neit.edu.
Rite Aid Corp. (NYSE: RAD), based in Camp Hill, Pa., is the third-largest drugstore chain nationwide and the largest on the East Coast, with more than 5,100 stores in 31 states and the District of Columbia and annual revenue of $27 billion. Additional information is available at www.riteaid.com.
