Investor buys land leased to CVS store

BUYER: Yi Shiu Chen, San Jose, Calif.

SELLER: Capstone Harborview LLC

PROPERTY: 4478 Tamiami Trail, Port Charlotte

PRICE: $2.86 million

PREVIOUS PRICE: $176,900, December 2008

LAW FIRM ON DEED: Baker & Hostetler LLP, Orlando

PLANS, DESCRIPTION: San Jose, Calif. investor Yi Shiu Chen purchased land housing a CVS/pharmacy in Port Charlotte for $2.86 million.

The freestanding 12,900-square-foot drugstore was built in 2008. CVS Carmark Corp., which has been there since early 2009, has 23 years left on a ground lease. The land was sold as an investment.

Sonny Molloy in Marcus & Millichap's Atlanta office represented the seller.

Yi Shiu Chen mortgaged the property to Patriot Bank for $2.15 million.