Real Estate

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SAN JOSE — An empty large store property within a San Jose retail center was bought by a Bay Area investment group for more than $9 million — paving the way for a church to occupy the space.

The 3.2-acre property is the site of a shuttered CVS Pharmacy retail store, according to documents filed on Monday with the Santa Clara County Recorder’s Office. The building totals 25,000 square feet.

A portion of Avanti Shopping Center in south San Jose, located at 5407 Camden Avenue in south San Jose, as shown within the outline. Boundaries are approximate. (Google Maps)

A Los Altos-based investment and business group acquired the property for $9.3 million, county records show. Cushman & Wakefield commercial real estate brokers Erik Hallgrimson and Nick Lazzarini helped to arrange the sale of the store site to the Los Altos group.

The former CVS is located at 5407 Camden Ave. in the Avanti Shopping Center in south San Jose. The purchase also included an adjacent large surface parking lot in front of the store site.

The location benefits from a “high traffic count and commuter corridor along Camden Avenue” and is a “great location for a wide variety of uses,” according to a Cushman & Wakefield marketing brochure. The location is near “affluent neighborhoods.”

Longs Drug Stores California sold the property to the affiliate. CVS Health, owner of the CVS drug store chain, bought Longs Drug in 2008 for $2.7 billion to expand to the West Coast.

In 2021, CVS Health revealed that it had decided to close 900 stores nationwide over a three-year period. The just-purchased south San Jose store site was among those that were shuttered.

Victory Outreach San Jose will occupy the former store building, according to Dominic Gluhaich, a broker with Sterling Ventures. Gluhaich represented the buying group in the transaction.

The church is seeking a conditional use permit for the property, Gluhaich said. He added that Victory Outreach San Jose hopes to occupy the store site “as soon as possible.”

The church began operating in the South Bay about 45 years ago, according to its website.

Originally Published: January 15, 2025 at 6:55 AM PST