"It happened about a week ago," Burch, who is staying on as head pharmacist, tells GlobeSt.com. "It was a good offer and I think it will keep the integrity of a small store. But the fact is the traditional store just can't make it; the margins aren't that good, especially in an area like this where rents are going up."

Indeed. Last time Burch signed a lease, the going rate was $15 per sf. This time around, the going rate is $24 per sf. In between? In 1997, the 160,000-sf shopping center and associated apartment units sold for $15.5 million to publicly traded Federal Realty Investment Trust.

Pharmaca's vice president of design Russell Precious, in town to oversee the renovations, says the company is spending about $750,000 to purchase the business from Burch and renovate the space -- its third store altogether and its first first outside Boulder. "We have strong roots here," Precious tells GlobeSt.com "The top guy is from Vancouver, B.C., was formerly in the natural foods business, and almost merged with Stan Amy (founder of Nature's natural food stores) several years ago."