CONROE, TX-With its lease set to expire soon, CVS Pharmacy Inc. has decided to stay in its existing warehouse at 301 S. Trade Center Pkwy. The national chain signed a medium-term lease renewal for 113,175 square feet.
CVS occupies 100% of the building, which is owned by Bourguignon Family LP, a California-based investment group. The company has been a tenant in it for more than 10 years, according to David Cook with Cushman & Wakefield of Texas Inc.'s Houston office. He represented CVS in the lease negotiations along with Jeff Peden and Graham Horton, also with Cushman & Wakefield's Houston office.
Cook tells GlobeSt. the warehouse building at 301 S. Trade Center Pkwy. suited CVS' needs, but that the company decided to evaluate other options in the market to make sure it had a good handle on current market conditions and market rates. "CVS had half a dozen options, but no other buildings met their needs as well as their current building," he says, adding that the search and negotiations took about six months.
CVS uses the warehouse facility 301 S. Trade Center Pkwy. for warehousing and distributing bulk product. Its main distribution facility is located just two blocks away at 100 S. Trade Center Pkwy.
"This is one of the largest leases in the Conroe submarket," Cook says. "Most leases are 20,000 to 30,000 square feet, so this is a big one, and the landlord wanted to keep CVS because it’s a good credit tenant."
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