CHARLOTTE, NC—CVS has inked a long-term ground lease for a new 13,000-square-foot stand-alone retail store on a vacant outparcel. The CVS will take up space at Rams Plaza, a 113,000-square-foot grocery anchored shopping center in Chapel Hill, NC.
The Kalikow Group, through a joint venture entity known as Rams Plaza Associates, LLC, is constructing the retail asset. When Ram Plaza Associates acquired the 30-year-old shopping center in Dec. 2011, it announced renovation plans.
In March, the owners completed phase one of the renovations, which included $1.5 million in upgrades to the façade, building structures, interior courtyard and parking areas. The new CVS lease marks the beginning of the second phase of a $3 million renovation plan.
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