SAN JOSE — An empty large store property within a San Jose retail center has been bought by a Bay Area investor for more than $9 million.
The just-bought property, purchased for $9.3 million, is the site of a shuttered CVS Pharmacy retail store, according to documents filed on Jan. 13 with the Santa Clara County Recorder’s Office.
Jason Ho, a Los Altos-based investor and business executive, led an affiliate that bought the property, the county records show.
The closed store building is at 5407 Camden Avenue within Avanti Shopping Center in south San Jose. The purchase also included an adjacent large surface parking lot in front of the store site.
Longs Drug Stores California sold the property to the affiliate. CVS Health, owner of the CVS drug store chain, bought Longs Drug in 2008 for $2.7 billion to expand to the West Coast.
Cushman & Wakefield commercial real estate brokers Erik Hallgrimson and Nick Lazzarini helped to arrange the sale of the store site to the Jason Ho group.
The property that the Los Altos group bought totals 3.2 acres. The store building totals 25,000 square feet.
In 2021, CVS Health revealed that it had decided to close 900 stores nationwide over a three-year period. The just-purchased south San Jose store site was among those that were shuttered.
The location benefits from a “high traffic count and commuter corridor along Camden Avenue” and is a “great location for a wide variety of uses,” according to a Cushman & Wakefield marketing brochure. The location is near “affluent neighborhoods.”