Preston pharmacy owner James B. Preston Jr. told Fox News that he sold his pharmacy for $25 million, but it was a mistake to buy the property, not a mistake for Walmart.
He also said the sale is a way for the company to expand its footprint.
“They’re in the business of buying up land,” Preston said.
“We’re not the one doing that.
They are just trying to expand their footprint in Texas.”
Preston, who has been in the pharmacy business for more than 30 years, said he sold the property for $5.5 million in January for $50 million.
“The property is now worth more than it was at the time we sold it,” Preston told Fox.
He said he thought it would be worth $50-$60 million.
Walmart, which bought the property in 2017, is leasing it from Preston.
“It’s the largest parcel of land that Walmart has owned and used for a drugstore in the country,” Preston added.
“So it was an easy decision for us.”
A Walmart spokesperson told Fox the store is “committed to growing its footprint and improving quality in our stores and in our community.”
Walmart is in the process of opening more than 10 more locations in Texas.