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Drug Store Chain Pays Top Dollar for 60-Year-Old Ex-Grocery Site

MIAMI-Rhode Island-based CVS Corp., the nation's largest pharmaceutical/retail organization, is planning a near-future Miami Beach presence with the $4.2 million purchase of the former Food Fair supermarket building.

By Alex Finkelstein | Updated on November 13, 2000

MIAMI-CVS Corp., the nation’s largest pharmaceutical/retail group, is paying $4.2 million or $173.49 per sf for the 60-year-old, former 20,542-sf Food Fair supermarket on commercial-heavy Arthur Godfrey Road in Miami Beach. The retailer is buying the property through RX Funding Business Trust of Woonsocket, RI, an affiliate of CVS Property Administrator Stores.

The seller is Coolidge South Markets Equity Ltd. and Maidad Rabina. The asset is at 700 Arthur Godfrey Rd., a commercial thoroughfare named for the late guitar-playing, slow-talking humorist who promoted Miami Beach internationally in the 1950s through his nightly radio show. The former grocery site sits on a .84-acre pad and sold for $3 million in 1998 and $1.46 million in 1986.

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