Recently Sold – $185M Unlevered CVS Sale Leaseback Portfolio

Thomas Company is pleased to announce the successful closing of a recent CVS sale-leaseback portfolio. This portfolio consisted of fee simple and leasehold interest assets totaling approximately 355,000 square feet across 28 stores spanning 16 states. The asking price for the portfolio was approximately $185 million. The portfolio was offered free and clear of debt and is structured with absolute triple-net leases with no landlord responsibilities.

Key Highlights

• CVS Health Corporation (S&P:BBB) together with its subsidiaries, is one of the largest pharmacy healthcare providers in the United States with approximately 9,900 locations across the United States, Puerto Rico, and Brazil.
• This portfolio consisted of various remaining lease terms. The fee simple assets had an average term remaining of 23 years while the leasehold assets had an average term remaining of 18 years. The assets were sold individually and in batches.