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Land values are heading higher as demonstrated by a CVS in Sanford going for around $5 million.
Land values are heading higher as demonstrated by a CVS in Sanford going for around $5 million.

A building in Sanford that contains a CVS and the land it occupies have been sold for a little over $5 million to a South Florida real estate group. 

The store, at 4639 W. 1st St., along Sanford's main drag, was bought at the beginning of October by NNN Florida LLC, whose registered agent is Marilyne Neuchat.

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Neuchat is a real estate broker with the Preconstruction Condo Desk of South Florida's CVR Realty.

The price for the property, which is just over an acre, was $5.175 million, according to Seminole County records. The combination of the store's location and it being part of a successful chain, along with rising land values, were said to have factored into the price.

Indigo Development LLC and Indigo Sanford LLC were the sellers, records show.
Indigo Sanford had a 75 percent ownership stake in the property while Indigo Development had 25 percent.

Both Indigo Development and Indigo Sanford are associated with Consolidated-Tomoka Land Co., a Florida-based publicly traded real estate company that owns a portfolio of income investments in diverse markets.

NNN Florida was formed in August with Neuchat's apartment, a co-op at 3 Island Ave. in Miami Beach, listed as its address. Neuchat did not return phone calls requesting comment.

In addition to her affiliation with CVR Realty, Neuchat is the owner of a fitness salon, her LinkedIn profile states.

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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