(For more retail coverage, click GlobeSt.com/RETAIL.)
PHOENIX-Eastbourne Investments Ltd. has sold two acres to a limited liability company for $1.3 million, opening the door for another CVS/Pharmacy to be built. A groundbreaking date hasn't been decided.
The property at the northeast corner of 67th Avenue and Lower Buckeye Road was not on the market for long, but did take about a year to close. "We've been working on this deal for awhile because of various entitlement issues that had held it up," says Frank Egan, president of the Williamsville, NY-based Eastbourne.
The buyer of record is Lower Buckeye Phoenix CVS LLC. But it's been no secret around town that the Woonsocket, RI-based CVS Corp. has Armstong Development Co. of Pittsburgh doing its development in the metro.
Egan tells GlobeSt.com that Eastbourne, which recently sold an adjacent two-acre plot to the City of Phoenix for a library, is ramping up to close in six weeks on another land sale in the metro. He says the investment group isn't looking to make any other land deals at this time.
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