Combined Properties, Inc., today announced that it has entered into a long term ground lease with CVS/pharmacy for a 1.25 acre site located at the intersection of Route 60 and Ferry Street in the central business district of Malden. The property was the former home of Ruderman’s Furniture, a high quality, family owned business that operated at the Ferry Street location for several decades.
CVS/pharmacy took possession of the site in June and has commenced construction of an 11,800 square foot store which will feature all of the high quality products and services CVS customers have come to expect, including a full service pharmacy staffed by highly-trained pharmacists and knowledgeable pharmacy support staff, convenient drive-thru pharmacy service, an extensive selection of health, beauty and personal care products, general merchandise and a digital photo center. CVS/pharmacy is scheduled to open its new Malden store by the end of the fourth quarter.
“We are very excited and proud to have a first in class retailer relocating to this prominent CBD location” said Combined Properties VP, Director of Leasing, Greg Regazzini. “Malden continues to attract regional and national retailers who have discovered that the city offers solid demographics and a business friendly environment. He added “it is not only retailers who have discovered what the city has to offer. As prices in all asset classes continue to soar in Boston and Cambridge we have seen a steady flow of varied companies and young professionals taking advantage of Malden’s location along the MBTA Orange Line, proximity to major roadways, quality housing and diverse CBD amenities”.
Combined was represented by Mr. Regazzini.