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CVS Picks Up $2.5M Malden Site For New Store

May 5, 2011 | Reprints | Unlock Link | Print

1100 Eastern Ave., Malden Nationwide retail and pharmacy giant CVS has purchased a one-acre plot containing a 36,000-square-foot building at 1100 Eastern Ave. in Malden for $2.5 million.

CVS plans to demolish the current building in order to make way for construction of its new 13,000-square-foot store, according to a statement. The site was formerly the long-time home of Eastern Chem-Lac Corp.

CVS has worked with the city of Malden planning officials over the past year to gain approval for this site.

The Malden property was last assessed for $1.06 million, according to records obtained by The Warren Group, publisher of Banker & Tradesman.

Phillip K. Burgess of Burgess Properties Inc. was the sole broker in the transaction.

Commercial & Industrial