CVS, drive-thru bank in Margate fetch $7M

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September 11, 2020
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As reported in The Real Deal.

A CVS pharmacy and adjacent drive-thru bank building in Margate sold for $7 million.

A company connected to Aleksandr and Ekaterina Dolganov of Osprey bought the properties near the intersection of State Road 7 and Coconut Creek Parkway, according to records.

The seller — a company tied to Lawrence A. Freeman of Boca Raton — paid $6.85 million for the properties in 2005, records show.

The 500-square-foot drive-thru was built in 2004. The 14,000-square-foot CVS was built the following year.

The Margate CVS sale isn’t an anomaly — pharmacies have proven an attractive investment during the pandemic.

A Walgreens in Lauderdale Lakes sold in April, and changed hands again in August for $8.1 million. The seller was a company tied to SunTrust Equity Funding, which flipped a Pembroke Pines Walgreens the week before that, for $9 million.

In July, Eastern Industrial Development Corp. snagged a Hialeah CVS building for $10.5 million, and in May, Walgreen Co. sold a store in North Palm Beach for $6.9 million.