Mortgage Observer

Capital One Finances 731 Market Street Buy

731 Market Street.

Capital One Bank closed a $32.5 million loan to a subsidiary of Atlanta-based Jamestown Properties for the purchase of a six-story office building in San Francisco’s South of Market district, Mortgage Observer has first learned.

Jamestown, a national real estate investment and management company with $7.7 billion of assets under management, bought the building at 731 Market Street from Connecticut-based Harvest Properties and Atlanta-based Invesco Real Estate, as previously reported. The asset was acquired for $65 million in mid-January. Read More

Lease Beat

CVS Renews Whitestone Lease

CVS Pharmacy at Francis Lewis Boulevard Shopping Center (Credit: Muss Development)

CVS Pharmacy has signed a long-term renewal for its 13,500-square-foot space at Muss Development’s Francis Lewis Boulevard Shopping Center in Whitestone, Queens, Commercial Observer has learned.

The nation’s largest pharmacy chain has operated a branch at the Queens shopping center since 2002 and may soon have a new neighbor there. Muss Development has plans to upgrade the tenancy of a 4,000-square-foot space adjacent to the CVS location once it becomes available in the second quarter, according to a press release. Read More

Lease Beat

CVS Inks on Lower East Side

Courtesy of CVS

CVS Pharmacy is the latest tenant to move to the Lower East Side, inking a deal at 42-56 East Houston Street.

The pharmacy chain, whose presence is limited and overshadowed by Walgreens and Duane Reade in the city, will be taking a 10,365-square-foot space that spans the entire block between Mulberry and Mott streets. Read More

Lease Beat

CVS Takes 14,274SF Retail Condo at Griffin Court, Recently Sold to Heskel Group for $11.3M


CVS Pharmacy has leased a 14,274-square-foot retail condominium space below Alchemy PropertiesGriffin Court Condominium development at 454 West 54th Street, which was also sold to Heskel Group earlier this month, The Commercial Observer has learned.

The 25-year lease includes 9,000 square feet of street level frontage, set below the eight–story residential towers, where 95 condo units that hit the market in 2010 are roughly 85 percent occupied.

The property is located in the Hell’s Kitchen neighborhood, a first for CVS, and in close proximity to the theatre district. Read More