Public Records

Palmetto CVS sells for $3 million

PALMETTO -- A CVS drugstore building in downtown Palmetto, owned by a Sausalito, Calif. company, has sold to buyers in Fort Lauderdale.

On Oct. 1, Bharat and Achala Gupta paid $3 million for the 11,300-square-foot building at the intersecton of State Road 41 and 10th Street W., as well as the 1.6 acres under it.

According to Manatee County records, the buyers also assumed $2.06 million in mortgage debt in a separate agreement related to the property. The debt was assigned to their company, Amba Estates Palmetto.

The seller was a company controlled by the successor agents of the late Dr. Revels Cayton, according to records.

Cayton's company, Mari #1 LLC, purchased the CVS property in 2007 for $3.2 million.

The CVS on the property, designated by the company as store No. 3111, is currently in operation. The store was built in 1997, according to county records.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter@MattAtBradenton.