The Real Deal Miami

CVS buys West Kendall development site for $7.5M

BB&T will lease back a new branch building

8701 Southwest 137th Avenue

CVS Pharmacy just dropped $7.5 million for an office building in West Kendall where it plans to build a new store and bank branch, property records show.

BB&T Bank sold the 44,170-square-foot office building at 8701 Southwest 137th Avenue for about $170 per square foot for the building and $70 per square foot for the land. The bank will lease a new building back from CVS, according to a 25-year lease recorded on Thursday. The drug store company is also building a new CVS, according to documents filed with a telecommunications company.

Anchored by BB&T, the commercial building is also leased to tenants like a law firm, an orthodontics office and a hair salon. Records show it was built in 1969, and the bank paid $2.5 million for the property in 1992.

CVS will demolish the office building, which sits on a 2.5-acre corner lot across the street from a Walgreens.

Both BB&T and CVS were not immediately available for comment.

Last year, a nearby shopping center at 15400 Kendall Drive sold for $19.5 million. Another shopping center anchored by Dollar Tree and Planet Fitness, at 15785 Southwest 72nd Street, also traded hands about a year ago for $18 million.