A well-known mixed-use development company purchased the CVS property on Dorchester Avenue in Lower Mills for $9.5 million in mid-August, but officials at the firm said that while it is a key piece of real estate, they don’t have any immediate plans to change things.
Crosspoint Associates, which is based in Newton, recently developed the Newton Nexus that hosts a Stop & Shop Express and the Boston Ballet School. They also have a portfolio in South Boston’s Fort Point Channel that includes a Trader Joe’s store.
Jonathan Hueber, managing principal at Crosspoint, said that the CVS site is “a great piece of real estate at the end of the day. We love Dorchester, and we love the Lower Mills neighborhood in particular. We don’t have any plans for the moment. We hope to evaluate that over the next few years, but immediately there are no new plans and there’s a long-term lease in place.”
He said his firm has had a long relationship with CVS stores and has included them as tenants in several of their developments around New England. He described the Lower Mills purchase as a “covered land play,” a development strategy whereby a developer buys an income-producing property with the intention of redeveloping it to a higher and better use at some point.
“We love to be good stewards of our real estate and listen to the community and speak to the community,” Hueber he said. “Down the line hopefully we do have some other project there.”
According to city assessing records, the property is listed at 65,873 square feet and contains only the CVS building. An adjoining parking lot is controlled by the Archdiocese of Boston.