CVS buys land at Airline and Pecue for new pharmacy
A new CVS pharmacy will be built on a 1.7-acre tract at Airline Highway and Pecue Lane, says Mark Hebert of Kurz & Hebert Commercial Real Estate, who helped broker the deal. The land—which went for roughly $1.8 million, or $25 per square foot—was sold by All Star Pecue Development LLC, whose registered agent is Matt McKay, president of All Star Automotive Group. It is a part of roughly 24 acres the development group purchased in May 2005 for $2.4 million. Outside of about 2.5 acres that were donated to the city-parish for the relocation of Pecue Lane as part of its Green Light Plan, just one other parcel of land has been sold at the site. IberiaBank also paid about $25 per square foot for a 55,000-square-foot parcel in December, with plans for a new branch. "They're not going to do any speculative building," says Hebert of the remaining acreage. "We've had inquiries on everything from grocery stores and apartment complexes to pediatric clinics, but so far we've only sold these two pieces." Roughly five acres of the land is being reserved for an All Star Automotive dealership, but Hebert says a franchise has not been signed and there's no timeline for development. Hebert says he has no details on CVS's specific plans for the new pharmacy, as he represented only the seller in the deal. The land purchased is located directly across from the new Woman's Hospital campus, slated to open this summer. —Steve Sanoski
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