Drug Fair filed for Chapter 11 bankruptcy and 31 of its stores were bought up by Walgreens, with plans to close 11. With a Walgreens just blocks away, it wasn’t much of a surprise that Rahway’s Drug Fair on St. Georges Avenue was among the 11 to close.
Millburn-based Gelber Associates owns the property and demolished the former cleaners at the end of the strip mall near Krauszer’s. It’s been marketing plans to build a two-story office/retail space, offering 1,000 to 3,000 square feet per floor but didn’t return a message about the Drug Fair space.
The 0.8-acre property was assessed at almost $4.3 million and paid nearly $187,000 in property taxes in 2006, the most recent data available at PropertyShark.com.