FROM STAFF REPORTS
BUDA — A New Orleans-based family trust has bought 2.73 acres at southwestern corner of the high-traffic FM 1626-FM 967 intersection where CVS Pharmacy is currently building its first Buda store.
The property — which includes a 15,300-square-foot CVS store scheduled for completion in late June or early July — sold for $2,835,052, according to the buyer’s agent. The property is located at the southwest corner of FM 1626 and FM 967, an intersection traversed by an average of 45,400 vehicles each weekday, according to traffic counts compiled in 2012 by the Texas Department of Transportation.
“My client not only saw the current but future potential for this investment property in an area that is poised for tremendous growth. Out-of-state investors [are] looking outside their home borders where they feel they can get more for their money and be in an area that is continually growing and business friendly,” said Chad Minor, whose firm Florida-based Berger Realty Group represented the buyer, Segadipa LLC.
The seller is First GL Buda LLC, a holding company controlled by Manchester, Conn.-based First Hartford Realty Corp., which still owns a 3.45-acre commercial pad site adjacent to the CVS property. First GL Buda LLC was represented in the transaction by Matthew Mousavi of Irvine, Calif-based Faris Lee Investments.
CVS hasa 25-year ground lease on the property with renewal options totaling an additional 25 years, Minor said. With more than 7,600 locations nationwide, Lowell, Mass.-based CVS is the second-largest pharmacy chain in the United States after Walgreens, which has 8,217 stores.
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