CVS buys West Kendall development site for $7.5M

BB&T will lease back a new branch building

Miami /
Sep.September 05, 2017 03:15 PM

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.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Developer Aria Mehrabi with renderings of the development (Banu Foundation, BRFLT)
Miami Beach board approves pharmacy for North Beach project
Miami Beach board approves pharmacy for North Beach project
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
101 Hialeah Drive with Marcus & Millichap’s Drew Kristol and Kirk Olson (Google Maps)
Hialeah CVS sells for $11M
Hialeah CVS sells for $11M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...