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.

A Maryland-based investment management firm purchased nearly 56,000 square feet of property in Fremont, the company said Friday.

Realterm is now the owner of two local industrial outdoor storage maintenance facilities. Real estate investment company Lift Partners sold the properties for $25,875,000, according to Realterm.

The smaller of the two sites that Realterm purchased includes a 11,750-square-foot maintenance shop and 4,061-square-foot office, at 5120-5170 Brandin Court. Equipment rental company Herc Rentals occupies the space.

The second property, at 44533 South Grimmer Blvd., includes a 36,600-square-foot maintenance shop and 3,571-square-foot office. It is occupied by Halcon Corporation, a national transportation and operational solutions provider.

“Realterm has strategically entered the Silicon Valley industrial market with the acquisition,” the company’s Managing Director and Senior Fund Manager Stephen Panos said in prepared remarks.

Realterm is an independent, global company with a focus on the transportation industry.

“These two properties strengthen our West Coast market position, adding premium assets with top-tier tenants in a new dynamic industrial market,” Panos said.

The Bay Area’s industrial market has been growing, according to Realterm President Isaac Lau. This growth is signaled by increasing rental rates, strong demand and low vacancy, he said.

Industrial and warehouse property vacancy in Silicon Valley has rarely exceeded 3% over the last 10 years, according to a Kidder Mathews market report. The lease rate has also consistently climbed in recent years. The average asking lease rate for industrial properties, as of the third quarter report, was $1.99 – up from $1.80 in 2023’s third quarter.

JLL ‘s Ryan Sitov and Melinda Marino facilitated the transaction and represented the seller.

Lift Partners is a San Francisco-based real estate investment company focused on West Coast industrial and office property.