The Real Deal Miami

Hallandale Beach CVS sells for $16M

CVS signed a lease in December that runs through 2041

March 29, 2016 03:00PM
By Katherine Kallergis

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The CVS under construction last year

The CVS under construction last year

A newly completed CVS Pharmacy in Hallandale Beach sold to New York-based Trio Investments for $16 million. 

Broward County records show an affiliate of SunTrust Equity Funding sold the 15,551-square-foot store at 2101 East Hallandale Beach Boulevard for a whopping $1,030 per square foot. The building, which was completed last year, sits on a 2.4-acre plot.

Trio Investments’ CEO Donna Chiaia is listed on the company’s corporate records.

The land last traded for $5.9 million in 2012. CVS signed a lease with MC Hallandale Beach FL Landlord LLC in December for the lease, which expires in 2041. The lease includes the option for up to 10 five-year extensions.

Earlier this month, plans for a mixed-use project called Nine Hundred were filed with the city of Hallandale Beach. The development, across the street from the Village at Gulfstream Park, would include 320 condo units, 150 hotel rooms and more than 5,000 square feet of commercial space.