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Tate Capital sells CVS Pharmacy y más location near Kendall for $16M
CVS launched stores in 2015, targeting Hispanic consumers
An affiliate of Tate Capital sold a CVS Pharmacy y más-leased location just north of Kendall for $16 million.
The buyer was a group managed by H.H. Real Estate Holding Corp., records show. The 17,300-square-foot property is located at 10660 Southwest 40th Street.
The buyer also is linked to Dallas-based International Capital, a commercial real estate brokerage and property manager. North Miami-based Tate Capital is led by Kenneth Tate.
The one-story complex is on 2.4 acres, property records show. It was built in 2017, according to Loopnet.
Targeting Hispanic consumers, CVS y más was launched in 2015 in Florida, and has since expanded to California, Texas and Puerto Rico.
Locally, the drug store chain also is growing. Developer Aria Mehrabi in June got Miami Beach city approval to open a CVS Pharmacy within a Target store at his 12-story mixed-use project at 6948 Abbott Avenue.
Retail such as CVS or grocery stores like Publix fared better over the coronavirus pandemic as it offers necessities and is immune to e-commerce growth. CVSs and CVS-anchored shopping centers continued to trade.
In this year’s second quarter, South Florida’s biggest retail deal was Regal Acquisitions’ purchase of CVS-anchored property at Boulan South Beach hotel for $34 million.