Londregan Commercial Completes Assemblage for CVS
Londregan provided the assemblage services for a prototype site in Southeastern Connecticut for CVS.
Old Saybrook, CT - Tim Londregan and Chuck Ambulos of Londregan Commercial Real Estate Group were the sole brokers in the purchase and sale of 509 Boston Post Road, 519 Boston Post Road, and 37 Stage Road in Old Saybrook, Connecticut.
Over the years, Old Saybrook has seen so many failed attempts by developers and brokers from around the country to secure one of a select few prospective pharmacy sites within the center of town. The barriers to entry for a national pharmaceutical retail chain have included zoning regulations, zone lines, unwilling sellers, architectural requirements and other major hurdles.
The Londregan Commercial team secured option agreements and contracts on three contiguous parcels at the traffic lighted intersection of US Route 1 and Stage Road. The location is truly considered the most prominent gateway to Old Saybrook. The engineering firm of VHB Engineering of Middletown, Connecticut, maintained the CVS Corporate Mission, “We will be the easiest pharmacy retailer for customers to use,” as a very important design criteria. VHB worked closely with the town officials, staff and the zoning commission to finalize plans that ultimately met the design standards of the Town as well. CVS Old Saybrook, Inc. purchased all three of the properties on November 29th for a combined acquisition price of $2,400,000.
CVS Pharmacy, currently the only freestanding Pharmacy in Old Saybrook, will be relocating from its small Main Street store of many years to the corner of Boston Post Road and Stage Road. CVS, based in Woonsocket, Rhode Island, currently has approximately 140 stores located in Connecticut and over 5,000 stores in 36 states. Architectural Design of the new Pharmacy was created by Larson Design Group, Inc. of Williamsport, Pennsylvania. Site work commenced in December 2005.
The parties to the multiple transactions were represented by the law firms of Mintz, Levin, Cohn, Ferris, Glovsky, Popeo, P.C. of Boston, Massachusetts, Macdermid, Reynolds & Glissman, P.C. of Hartford, Conway & Londregan of New London, Dzialo, Pickett & Allen, P.C. of Old Saybrook, Fortuna & Cartelli, P.C. of Middletown, Kanabis & Houle of New London, Alexander W. Tighe, Esquire of Old Saybrook and McVane, Bellabuono, Kuzmake, Wiezalis & Bibisi, LLP of Hartford.
Londregan Commercial Real Estate Group is a full service brokerage firm located in Old Saybrook, Connecticut. While specializing in the retail and fast food site selection niches, Londregan Commercial is highly sought after for its marketing and closing abilities in all areas of commercial real estate. Retail and restaurant land sites, investment properties of all types, hotel and motel sites have also been an integral part of the firm's activity. For more information please visit www.londregan.com.