CVS Buys Bartlett Locale for Pharmacy

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A local affiliate of Woonsocket, R.I.-based CVS Caremark Corp., has bought the former Blue Plate Cafe at 6676 Stage Road in Bartlett from Stage Centre GP and Gill Enterprises GP in two transactions for a combined $2.2 million.

CVS 7144 TN LLC paid Gill Enterprises GP nearly $1.4 million and Stage Centre GP $836,000 in a pair of special warranty deeds that closed Oct. 18.

The 5,448-square-foot restaurant sits on 1.7 acres at the northwest corner of Stage and Kirby Whitten roads. Built in 1991, the restaurant has an appraised value of $813,600, according to the Shelby County Assessor of Property.

Gill Enterprises GP, a partnership affiliated with Gill Properties, bought the restaurant in September 2010 from Best Breakfast Inc. for $1 million.

This was the second sale between Gill Properties and CVS, the national pharmacy that entered the Memphis market a couple of years ago.

Gill Properties sold CVS a 1.8-acre parcel of land on Germantown Parkway in Cordova where the Memphis Area Home Builders Association headquarters stood. That building was razed and CVS built a pharmacy on half the property.

The rest of the acreage is slated for the Germantown Station retail center. Gill Properties filed a $1 million building permit last month for the roughly 18,000-square-foot, 11-bay center.

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