The building is on North Greensboro Street. Recently, CVS purchased it from Weaver Street Market.
In a statement, the group said it is separate from the Occupy Chapel Hill movement, and called the action "not a temporary protest, but a permanent occupation intended to establish a social center in the heart of Carrboro."
Protesters said they are against the CVS opening a 24-hour drug store on the property.
The group said it believes Carrboro residents "should have direct decision-making power over the resources of our neighborhoods and workplaces, rather than live at the mercy of speculating absentee landlords, out-of-state drug corporations, or town bureaucrats and politicians."
Despite saying they intended to occupy the building indefinitely, the masked occupiers eventually peacefully left after Carrboro Mayor Mark Chilton told them they could leave or be arrested.