A rendering of a CVS store — Courtesy: NAI James E. Hanson
By Joshua Burd
CVS Pharmacy has acquired a vacant warehouse in downtown Little Ferry, with plans to raze the building and develop a nearly 16,000-square-foot store in its place.
Real estate services firm NAI James E. Hanson announced the sale Tuesday after marketing the property at 200 Liberty St. The property, currently a 41,000-square-foot industrial building, is now slated to become one of the latest among CVS’ nearly 10,000 retail locations nationwide.
NAI Hanson’s Gary Sauerborn represented the seller, Liberty Street Realty, noting that the pharmacy and health care giant sought to tap into the site’s access. The property offers proximity to routes 17 and 46, Interstate 80 and the New Jersey Turnpike.
The firm added that the corner property “offered CVS the ideal combination of accessibility, visibility and population density that CVS looks for in redevelopment opportunities.”
“When marketing a property like this, it is important for the broker to think outside of the box in terms of future uses,” Sauerborn said. “Although the zoning and construction at this site made continued industrial tenancy seem like the most opportunistic usage, we recognized that the location and accessibility made for a perfect opportunity for a retail operator.
“This recognition enabled us to properly market the site and negotiate a deal a prime purchase price in line with fair market value for an asset of this type.”