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prime commercial property in Green Hills, home to a thriving CVS Pharmacy since 2023, has seen its asking price reduced once again. The latest valuation stands at $15.38 million, following a previous decrease of approximately $600,000 in November 2023.
The property's owner, an LLC affiliated with Five Star Development out of Huntsville, Alabama, initially listed the site for around $16.27 million before lowering it to $15.67 million. The company acquired the land for about $6.3 million in February 2022 and redeveloped it into a 9,600-square-foot CVS building.
As part of Metro's plans to realign Hillsboro Pike, the property will soon become a key intersection with Crestmoor Road being rerouted to align with Glen Echo Road. This change will eliminate two traffic lights within a single block and create space for additional surface parking south of the CVS site.
Once the road work is completed, the CVS site will offer 1.14 acres without any further real estate transactions required. The Miami office of Marcus & Millichap is handling the property's sale, with Ronnie Issenberg and Gabriel Britti overseeing the effort.
A nearby property at 3707 Hillsboro Pike, home to Park's Cleaners and Alterations, was listed for $2.5 million in 2021 but appears to be off the market. A small building that once housed Indian restaurant Shalimar has since been razed.
In other news, a mixed-use development is being proposed for a Germantown site previously occupied by Christie Cookie production facilities. Nashville-based Trimark Builders aims to build six buildings with 47 units and a commercial space at the northwest corner of Third Avenue North and Madison Street.
The project would include ground-level garages accessed via an existing alley, with no vehicular access allowed from Third Avenue. Allard Ward Architects is handling design duties, while Barge Civil Associates will oversee engineering and land-planning tasks. The property is under contract, and a trust owns the site, which has been valued at over $600,000 since 1992.
