Strip drugstore sells for $30 million

The 14,378-square-foot CVS Pharmacy inside Sky Las Vegas, a condominium tower at 2700 Las Vegas Blvd. South, has been sold. (Courtesy/Google Street View)

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By JENNIFER ROBISON LAS VEGAS REVIEW-JOURNAL

March 26, 2014 - 12:30 pm

A drugstore space on the Strip has new owners.

Charles Moore and Marlene Fujita Winkel of commercial real estate firm CBRE helped broker the $30 million sale of the 14,378-square-foot CVS Pharmacy inside Sky Las Vegas, a condominium tower at 2700 Las Vegas Blvd. South.

Moore and Winkel represented the seller, Sky Las Vegas Condominiums Inc., in the deal.

Matt Bear of commercial brokerage Avison Young represented the buyer, Capital Square Acquisitions LLC, a real estate management and development firm based in Virginia.

Bear said Capital Square invested in the space because its executives expect economic conditions on the north end of the Strip, where Genting Group’s future Resorts World will be built, to “radically improve” in coming years.

CVS is in the middle of a long-term lease on the space.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com or 702-380-4512. Follow @J_Robison1 on Twitter.