Converting former drug stores

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Has any one ever heard of converting former cvs/walgreens to retail space as in dividing the building into 4-5 stores? Usually the stores are on busy corners. So is it possiable is there companys the specialize in this? Can it be done. Please share any experience. 

[Joel Owens]

Pharmacy is generally on 1 to 2.5 acres in size. Parking spaces are generally not adequate for what you are wanting to do.

When looking at a vacant pharmacy location you need to know if that corridor is dying or still growing. Realize that a single tenant is not likely going to pay what a pharmacy does. So sometimes you will see a pharmacy at a high cap rate that is dark paying 2 years left on primary. The rate is high at 28 a foot when the second generational tenant such as a dollar store might pay 16 etc. So you need to value on what the income stream will become otherwise you can have a big income drop in value with reduced cash flow.

I see this also when a dollar general has already taken over  a pharmacy space and 5 years is left on the primary lease. The pharmacy is sub leasing to the dollar store and subsidizing the rent. When the pharmacy goes away helping then the dollar store might stay but not at the lease rate the pharmacy was  subsidizing.

If you have money get with someone with experience so you do not make a bunch of mistakes.