An investment group established by Milford brokerage George J. Smith & Sons Commercial & Investment Real Estate has sold a 3.1-acre parcel in Putnam, which will be the future home of a CVS Pharmacy.

The firm declined to provide a selling price for the property, located on Route 44, saying in a statement only that it had doubled its initial investment in the property.

Construction is expected to commence within the next 30 days, and be completed in the fall. The final project will be in excess of $3 million, the company said.