SAN JOSE >> Ross Dress for Less struck a deal to open a new San Jose location at a site where a drug and pharmacy store had once operated.

The off-price retailer leased 23,700 square feet of space at 1030 South White Rd. within White Road Plaza in east San Jose, according to documents filed this month with the Santa Clara County Recorder’s Office.

Sean O’Carroll and Ron Cruz, brokers with The Econic Co., a commercial real estate firm, are attempting to find tenants for the retail complex. O’Carroll and Cruz declined to comment about the situation.

The details of the agreement showed that the rental deal was completed on Dec. 11, 2024, when the property owner signed the lease. The new Ross store will occupy a space where Rite Aid once operated.

Rite Aid filed for bankruptcy in 2023 and has since revealed plans to close at least 800 stores nationwide. Pennsylvania-based Rite Aid is also cutting jobs in the Bay Area.

Workers were seen removing debris from inside the empty store this week.

Ross signed a 10-year lease for the site, public documents show. The retailer also has an option to extend the lease by four five-year periods, or potentially another 20 years. The starting date for the lease wasn’t immediately clear from county records.

An affiliate controlled by Doerken Properties, also known as DPI Retail, owns the White Road Plaza retail center where Ross has leased space. The shopping center totals 153,500 square feet, according to DPI.

The deal by Ross is a reminder that despite some difficulties in the retail sector, some merchants continue to seek ways to expand.

“Ross is very aggressive right now in expanding and looking for new locations,” said David Taxin, a partner with Meacham/Oppenheimer, a commercial real estate firm. “They are looking for buildings with rents that are below market or fair value. Ross won’t move into a brand-new retail center with high rents.”

Dublin-based Ross Stores posted a profit of $2.11 billion on revenue of $21.24 billion for the 12 months that ended in early November 2024. Both numbers were an improvement over the retailer’s profits of $1.88 billion on revenue of $20.38 billion for the one-year period that ended in early February 2024, according to Finance Charts.

These robust results are one reason property owners might be eager to seal deals with Ross.

“Landlords are happy to have a Ross, because the company has extremely high credit and a great balance sheet,” Taxin said.

More opportunities could emerge for retailers hunting for space at other sites due to store closures by Dollar Tree and 99 Cents Only.

Hobby Lobby recently opened a south San Jose store in Almaden Plaza after it took over a big space that once was occupied by Bed Bath & Beyond. Sports Basement also has leased an adjacent site in the shopping center. It will occupy spaces where Buy Buy Baby once operated and where Barnes and Noble has decided to shut its doors.

“A bunch of big box spaces are available and getting leased,” Taxin said. “Ross sees a lot of opportunities with some of the low-cost stores and some drug stores closing locations.”