CVS, the nation’s largest retail pharmacy chain, has acquired the first parcel of an 80-acre development located at the intersection of Thompson Bridge and Price roads in North Hall.
George A. Hokayem of Sperry Van Nuss Hokayem Commercial Real Estate said the pharmacy giant purchased 2.5 acres at the triangular corner of the property near the intersection of the two roads. He said site preparation already is under way for the 13,600 square foot store.
The purchase price was not disclosed.
“CVS feels they can’t be there fast enough,” Hokayem said. The real estate executive also said there had been considerable interest in the remaining portion of the 50 acres that will be devoted to retail.
“A national grocery chain has expressed a very specific interest in the site for over a year,” he said, adding that they were waiting for some clear signs of improvement in the housing market. He did not identify the retailer.
However, Hokayem said that prospective clients are well aware of the strong demographics of North Hall.
Robbie Robison, who is a partner in M&R Development, which owns the property, said the sale of the property is a sign of improving economic conditions.
“We’ve weathered the residential downfall for the past year,” Robison said. “This is really positive that we’re getting CVS coming in on the corner and I’m seeing a real turn in the residential market.”
Robison envisions the project as anchored by a large grocery store with other specialty retailers adjoining. The site is designed with outparcels for restaurants, something Robison said is lacking in North Hall.
Hokayem said the current expansion of the Kroger store at 3630 Thompson Bridge Road is an indication of the robust market for a major supermarket in the region.
He said that he believes CVS will open the door for others.
“It does become part of our marketing strategy to say CVS is on the property and hopefully, others will follow shortly behind,” Hokayem said.
The new store will be the third new CVS store in Hall County in recent months. Stores at 4233 McEver Road and 4050 Winder Highway opened in 2007. The company also has stores at 1400 Park Hill Drive and 103 Jesse Jewell Parkway in Gainesville.
The North Hall store will join Kroger, which has a pharmacy inside its supermarket, and RiteAid, which operates a store at 3320 Thompson Bridge Road.
In addition, there are two private pharmacies on Thompson Bridge Road in North Hall. Lanier Pharmacy is located at 3560 Thompson Bridge Road and Murrayville Pharmacy is at 5304 Thompson Bridge Road.
CVS has 6,200 stores in the U.S. and fills or maintains 1 billion prescriptions annually.