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CVS warehouse property sells for $35.5 million

The 698,419-square-foot CVS Caremark that occupies the 43-acre parcel that one out-of-state institutional investor bought from another.
The 698,419-square-foot CVS Caremark that occupies the 43-acre parcel that one out-of-state institutional investor bought from another.

Institutional money changed hands in the $35.5 million purchase of a CVS Caremark pharmacy warehouse property in south Orlando.

The property at 8201 Chancellor Dr. is made up of 43 acres and contains the 698,419-square-foot pharmacy distribution center, according to Orange County Property Appraiser records. The property is near where Ronald Reagan Turnpike crosses South Orange Blossom Trail.

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Property manager Kinsey Equities of New York bought the property from Liberty Property Trust, a Malvern, Penn.-based real estate investment trust with a significant presence in Orlando. Kinsey will now be the recipient of the rent CVS is paying.

Stephen Whitley, senior vice president for Liberty in Orlando, said in a statement the company remains committed to the area. "We have just developed two new buildings -- in Liberty Park at AIPO -- and there are more in the planning stages," he said.

Whitley said Liberty already owns and manages 3.6 million square feet of industrial space in Orlando, with major holdings in Liberty Park at AIPO, Beachline Industrial Park and Cypress Park Commerce Center.

Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction.

Kinsey Equities is a real estate management company based in New York City that, according to its website, helps owners maintain and develop their properties. A spokeswoman did not respond to requests for comment.

Kinsey was advised by Exan Capital LLC.

The news involving CVS may not be the last for the company in the Orlando area.

GrowthSpotter has reported the pharmacy giant is looking in South Orlando for a new call center, with SouthPark Center a contender for the site.

CVS is seeking roughly 100,000 square feet and has had serious discussions about the three-story building housed at 9310 SouthPark, according to people familiar with the matter.

Have a tip about Central Florida development? Contact me at ktalley@growthspotter.com or (407) 420-5176. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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