CVS sells now-shuttered San Jose store for $9.25M

CVS sells now-shuttered San Jose store for $9.25M

By Clare A. Fonstein – Reporter, Silicon Valley Business Journal

After more than a year of trying to sell the property, CVS successfully offloaded a shuttered San Jose store.

The property, at 5407 Camden Ave., sat vacant since the CVS store’s shutdown in 2023.

An affiliate of the company sold the property for $9.25 million, according to records filed with the Santa Clara County Clerk Recorder’s Office Jan. 13. The buyer was listed as 5407 Camden Ave. LLC in county records.

CVS had a 15-year run in the South San Jose site. It bought the roughly 25,000-square-foot building from Longs Drugs in 2008.

The store, which served as an anchor for the Avanti Shopping Center, was closed as part of CVS’s major retail footprint realignment. The retail pharmacy said it closed 900 stores between 2022 and 2024 — roughly 300 each year. CVS’s stated goal was to reduce store density and optimize its existing stores and pharmacies.

In recent years, drugstore chains have seen a spike in closures across the country.

“Store closure decisions are based on several factors, including population shifts, consumer buying patterns, store and pharmacy density, pharmacy care access, and community health needs,” CVS said in a statement. “We’re focused on ensuring we have the right kinds of stores and the right number of stores in the right locations.”

CVS operates 25 sites in San Jose, with another one roughly two miles from the recently sold site. The 5407 Camden Ave. property is also less than a mile from another major drugstore chain, Walgreens.

Alongside CVS’s 900 closures, the company said it opened 100 stores over that same three-year time span and plans to open 30 new CVS Pharmacy locations, including sites within Target stores, in 2025.

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