CVS Plaza to get new owner

Franklin Street Plaza LLC is selling its downtown Chapel Hill property CVS Plaza this week after owning it for almost a decade.

Manning Outen, facilities manager for Franklin Street Plaza LLC, said a sales transaction is in progress, but nothing has been finalized yet.

“It’s in transition now,” he said. “The new owners will be coming in soon.”

CVS Plaza is located at 137 E. Franklin St. and is named for its anchor store, CVS Pharmacy.

It is also the location of R&R Grill, Pulse Nightclub and a Chapel Hill Police Department outpost, among other offices and businesses.

It was previously named Bank of America Plaza, after the business that called the plaza home for 39 years.

Bank of America closed its downtown Chapel Hill location in September in response to lack of customer satisfaction and a need for a smaller space. CVS moved into the location in November.

The space is being purchased by Zapolski Real Estate LLC, a company that owns properties in North Carolina, South Carolina and California.

The company could not be reached for comment Wednesday night.

Zapolski Real Estate LLC already owns one property in Chapel Hill — West Side Plaza. Located at 306 W. Franklin St., the shopping center is home to popular student haunts like Jimmy John’s Subs and Topper’s Pizza.

Outen said the sale of CVS Plaza has not been completed yet, but the deal is expected to close within the week.

“Things like that take time,” he said.

The building is currently owned by Charlotte-based Franklin Street Plaza LLC, according to Orange County land records. The company has owned the building since May 2005, the records state.

Outen said the reason for the sale is the same as that for most real estate transactions.

“For money, of course,” he said.

He said the current owner is ready to retire and wanted to get rid of the property.

While people may not notice a difference in the building immediately, Outen said there will probably be a lot of changes in the long term.

city@dailytarheel.com