Real estate beat: CVS building in downtown Ann Arbor listed for sale for $6.7M
Melanie Maxwell | AnnArbor.com file photo
The pricetag: $6,675,207.
Robert Arbour of Triple Net Equities Inc. listed the two-story, 13,040-square-foot building, located at 209-211 South Street.
“Two-story historic building, extensively renovated for CVS in 2011,” the listing says. “Only pharmacy serving the downtown and college areas.”
City records show CVS purchased the building in 2010 for $2.6 million from Blue Star International LLC. The drug store chain then started the difficult construction process for building an $8 million store on the site, which involved demolishing the existing building and restoring the historic facade.
The project was the largest private redevelopment on the South State commercial corridor next to U-M’s campus since Corner House Lofts was built in 2003.
The property has an assessed value of about $1.41 million for the 2012 tax year. According to the marketing materials, the CVS lease won’t expire until March 2036 under the sale terms.
Just down the street from CVS, Farmington Hills-based Agree Realty recently purchased the former Michigan Book & Supply building for $5.8 million. The company announced it has already leased the space to a retail pharmacy store and it submitted a request to Ann Arbor’s Historic District Commission to install Walgreens signs on the building.