CVS store in Old City sold for $10.8M

An entity affiliated with Centrum Partners of Chicago sold for $10.8 million a 10,000-square-foot retail condominium leased on a long-term basis to CVS Pharmacy in the Old City neighborhood of Philadelphia.

It bought the commercial condo at 259 Market St. in 2015 for $10 million. The buyer this time around is a Lafayette, Indiana, entity going under the name 259 Market Retail Owner LLC.

The CVS is on the first floor of Shirt Corner, a five-story mixed-use development that has 59 apartments and is in the heart of the historic area of Philadelphia. The drug store is in the fifth year of a 20-year lease on the space.

CVS announced earlier this fall that it would be closing 900 stores as part of an overall restructuring of its retail footprint but hasn’t disclosed which locations it would shutter.

*Article courtesy of Philadelphia Business Journal

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