CVS Pharmacy has purchased 1.73 acres of property at University Avenue and 12th Street in Little Rock, the office of commercial real estate firm Sage Partners announced Friday.
The site is part of property that was the former location of Brandon House Furniture. Owned by local investor BH University Development LLC, the sale of the land to CVS 10779 AR LLC, a CVS Pharmacy company, became final Friday. The construction began on Monday but a completion date was not availalbe.
Sage Partners represented BH University Development in the transaction.
“We are pleased to help locate another great company on this prime property,” said Aaron Nicholson, associate in the Sage Partners Little Rock office. “We worked with neighborhood residents to get their input, and we believe CVS will be a huge asset to folks who live, work, and shop in this thriving area.”
Boos Development will be developing the property, and Colliers International represented the buyer in the sale.
Last month, Sage announced the sale of a 2.69-acre lot at the site, for future development of a Staybridge Suites hotel. Midtown Hospitality LLC plans to invest $13 million to open a 117-room extended stay hotel in early 2017.
There is still a final 1.33-acre portion of the former Brandon House property available for sale.
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