A Los Angeles real estate firm, Orum Capital, purchased a closed CVS Health store in San Jose for $3.3 million, suggesting weaker property values. The site, located at 1097 Leigh Avenue, was formerly owned by Longs Drug Stores, acquired by CVS in 2008. CVS plans to close 271 stores nationwide by 2025 as part of a restructuring plan. Previously, there was a proposal for a 396-unit multifamily development at the site, which did not advance, nor was the land acquired for construction.
The former CVS Health store on Leigh Avenue was sold for $3.3 million to Orum Capital, indicating a potential decrease in property values for the site.
CVS plans to close 271 stores nationwide by 2025, as part of a broader restructuring initiative aimed at improving efficiency and reducing costs.
Previous proposals for the site included a 396-unit multifamily residential development and a senior care center, which were ultimately not pursued.
Orum Capital, a Los Angeles real estate firm, has acquired the retail property previously owned by Longs Drug Stores, which CVS Health bought in 2008.
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