ATLANTA-Locally based Metrogroup Development LLC is completing 12 new CVS pharmacy and retail stores totaling 143,640 sf in the metro area for the Rhode Island-based company. Six are already built at an average size of 11,970 sf. The last six stores are expected to be finished by year end.
The developer declined to disclose the development or hard construction costs of the project, but area construction sources familiar with comparable jobs tell GlobeSt.com the stores couldn't be built for less than $150 per sf or an aggregate $21.5 million.
The six freestanding stores completed are in the secondary Georgia markets of Stockbridge, Trenton, Macon, Thomasville, Newnan and Calhoun. Two additional stores are set to open this summer in Woodstock at Hickory Flat and Dallas at Bentwater. The remaining four stores will be under development in Summerville, Ringgold, Moultrie and Downtown Atlanta.
Metrogroup has developed over 50 CVS stores in Georgia and Florida since the company entered the Georgia market in 1995. "It's our job to present prime market opportunities to CVS that they might otherwise overlook," says Mark Gottlieb, partner, MetroGroup Development. "Often, these locations are in secondary markets, enabling CVS early market penetration in areas primed for residential growth."
Roger Brown, regional director of real estate for CVS, says MetroGroup, "as one of our preferred developers, has become an extension of our real estate team. This strategy saves us time and money and gets stores open more efficiently than if we were doing 20 stores in Georgia with 20 different developers."
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