Pittsburgh Developer Spends $1.8 Mil for CVS Site

CHANDLER, AZ-The war to win over the medicine chests of Valley residents has just officially added another contender. Gustine Properties Inc., a Pittsburgh-based developer, has spent $1.8 million for a two-acre parcel for Arizona’s first CVS pharmacy.

Gustine’s new holding is located at the northwest corner of Warner and McQueen roads in Chandler. Construction is expected to start immediately on a 12,987-sf CVS pharmacy, which is scheduled to open in mid-2002.

CVS’ 4,100 locations make it the largest pharmacy chain the country, dispensing more retail prescriptions in more states than any other pharmacy in the United States. The chain has been rumored to be heading into town for some time, but this is the first clear signal that company is ready to battle the two other major chains in the Valley–Osco Drugs and Walgreens–for control of prescription and over-the-counter drug business. The emergence of a third major drug store is expected to further escalate the price of intersection parcels that they are all competing to get, say some real estate experts.

The Phoenix office of CB Richard Ellis, with brokers Dave Cheatham and Darren Pitts, represented Gustine Properties. Steve Bunch of the Scottsdale office of Bunch Real Estate Development acted for the seller, LauraScott Interests, LLC, also of Scottsdale.