CVS Lines Up May Ground-Breaking in Chandler

CHANDLER, AZ-Pittsburgh, PA-based Gustine Properties Inc. has acquired another site for a CVS Pharmacy. Gustine is CVS’ preferred developer for six regions.

Gustine’s not disclosing the final CVS store count, but a broker familiar with the projects says it’s sure to be “north” of 20 locations. The newest parcel to roll into the drug store’s Arizona portfolio is two acres at the southeast corner of Chandler Boulevard and Kyrene Road. Construction will begin this month on a 12,000-sf store. Not long ago, Gustine closed a 1.84-acre acquisition at the southeast corner of Sossaman and Guadalupe roads in Mesa.

Dave Cheatham and Darren Pitts, both of the Phoenix office of CB Richard Ellis Inc., represents Gustine in all of its CVS site acquisitions. Ray Chiang of Trinity Real Estate of Chandler bargained on behalf of the seller, 11+Corners LLC of Scottsdale. The CVS Arizona push also is bringing stores to Chandler, Gilbert, Scottsdale and Phoenix proper.

The 38-year-old, Woonsocket, RI-based drug store chain has about 4,100 stores nationwide. About 200 stores were closed in a strategy revamping from strip mall locations to freestanding buildings. The Arizona version will feature drive-through service and 24/7 operations.