Cotter's closing makes way for Walgreens

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by Eric Olson|ret||ret||tab|

SBJ Reporter|ret||ret||tab|

eolson@sbj.net|ret||ret||tab|

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Cotter's Pharmacy owner Marty Kurz's career has been cut short. The 70-year-old Kurz is calling it quits after 34 years as a Cotter's pharmacist more than a year before his planned retirement.|ret||ret||tab|

Cotter's Pharmacy & Health Care, operating at 1959 S. National since 1952 and in Springfield since 1920, is closing. |ret||ret||tab|

A Cotter's flier addressed to customers says, "Due to losing our lease, we will be closing our doors May 15, 2004." |ret||ret||tab|

But building owner Terry Reynolds of C. Arch Bay Company said Kurz actually sold the remainder of his lease on the building, which runs through Aug. 31, 2005. The buyers are NewQuest Properties and Walgreen Co. NewQuest, which already has a 70-year ground lease with C. Arch Bay Company for the property, according to Reynolds, plans to build a Walgreen Drug Store there that will open in October.|ret||ret||tab|

"(Kurz) chose to take an amount of money and close early," Reynolds said. "Walgreens was willing to wait until the last day of his lease, but they did come to an agreement and they bought out the remainder of his lease."|ret||ret||tab|

When reached by telephone, Kurz said he didn't have time and wasn't interested in talking for an article.|ret||ret||tab|

"He's not talking to anybody," said Cotter's bookkeeper Donna Neff. She said closing the pharmacy Kurz has owned since 1970 has been difficult for him.|ret||ret||tab|

"I don't think this is the way he really intended to close. It was kind of hurried," Neff said. |ret||ret||tab|

Cotter's customers have been advised that active medical prescriptions will be available after May 15 at Walgreens, 2640 E. Sunshine.|ret||ret||tab|

Although NewQuest is anxious to begin its plan, principal Jay Sears said negotiations were not coercive.|ret||ret||tab|

"We didn't attempt to force him out of the lease," Sears said. "We worked out an agreement with the three parties."|ret||ret||tab|

Sears would not disclose the buyout sum. Neither would Craig Lowther, the attorney who represented Kurz in negotiations.|ret||ret||tab|

Lowther said Walgreens and NewQuest compensated Kurz well and were "very good to work with. Otherwise, we wouldn't have a deal," he added. "Everybody was happy with the transaction.|ret||ret||tab|

"It's kind of a bittersweet thing," Lowther said of closing the pharmacy that has served four generations in Springfield, and is the oldest independent pharmacy in Missouri. "Marty loves his customers and loves his business. But he is retirement age."|ret||ret||tab|

NewQuest and Walgreens had been highly interested in the property for some time, Sears said. Its proximity to St. John's Regional Health Center is the major draw.|ret||ret||tab|

"It's a fabulous piece of real estate," he said. "Anytime a pharmacy can sit right across the street from a Top 100 hospital, those are the kind of locations (Walgreens) is looking for."|ret||ret||tab|

The developers will waste no time moving. Demolition work is set to begin June 1, the day they take possession.|ret||ret||tab|

"We're ready to start construction and get open," Sears said.|ret||ret||tab|

The approximately two-acre property comprises Cotter's Pharmacy, another building and two vacant homes, all of which will be razed.|ret||ret||tab|

NewQuest, based in Houston, has built five Walgreens and has six stores under construction in Texas. Its portfolio consists of more than 100 properties.|ret||ret||tab|

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Cotter's roots|ret||ret||tab|

John Cotter founded Cotter's Pharmacy in 1920 on the corner of North Main and Nichols, across from the original St. John's Hospital. The corner drug store with a soda fountain and dining area quickly became a gathering place for neighborhood folk, doctors, nurses and patients' families.|ret||ret||tab|

In 1933, two pharmacists, J.W. Bratcher and O.B. Smith, purchased the drug store from Cotter. At the time there were more than 40 independent drug stores in Springfield.|ret||ret||tab|

As one of the first independent drug stores, Cotter's provided many original concepts and ideas. Among the firsts: an electric ice cream freezer; full-length storefront windows; fluorescent lighting; pharmacy counter open to customers' view; computerized billing; and a carpeted sales area.|ret||ret||tab|

It's most famous visitor? Clyde Parks of the crime duo Bonnie and Clyde. The notorious Parks locked Smith in a restroom to steal cash and cigarettes.|ret||ret||tab|

Smith survived the heist, and by 1970, he and Bratcher had sold their shares of the business to pharmacists Jim Osborn and Marty Kurz.|ret||ret||tab|

Kurz bought out Osborn in 1981. Osborn operates Osborn Pharmacy, 3050 S. National.|ret||ret||tab|

Cotter's currently employs 30. |ret||ret||tab|

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