Friday, February 21, 2014

Marcus & Millichap Arranges $19.5 Million CVS Portfolio Sale and Leaseback


Rob Fox
ATLANTA, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale/leaseback of a four-property CVS/pharmacy portfolio.

Two of the properties are located in Texas, one is in Ohio and one is in Wisconsin. The $19,517,071 sales price equates to $370 per square foot.

            Rob Fox, a senior associate in Marcus & Millichap’s Atlanta office, represented the buyer, a private investor.

            Tim Speck, first vice president and regional manager of the firm’s Dallas office, is Marcus & Millichap’s broker of record in Texas.

Michael L. Glass, vice president and regional manager in Cleveland, is Marcus & Millichap’s broker of record in Ohio.

Tim Speck
Matthew Fitzgerald, first vice president and regional manager of the firm’s Milwaukee office, is Marcus & Millichap’s broker of record in Wisconsin.

            “The properties all feature 2012 or 2013 construction and have brand new 25-year absolute net bondable leases,” says Fox. “Financing for the sale was achieved by new, fully amortizing, zero cash flow nonrecourse debt.”

            The properties are located in Delaware, Ohio; Corpus Christi, Texas; Mission, Texas and Superior, Wisconsin.

            Headquartered in Woonsocket, R.I., CVS Caremark (NYSE: CVS), is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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