PHOENIX — Phoenix-based retail owner Cole Real Estate Investments has purchased a portfolio of CVS/pharmacy stores for approximately $70.1 million. The portfolio contains 13 properties in 11 states.
All 13 of the properties opened in 2009 or 2010 and are subject to 24-year, triple-net leases. They are located in California, Florida, Georgia, Kansas, Minnesota, Mississippi, New Jersey, New York, Oklahoma, South Carolina and Texas. The portfolio contains 174,000 total square feet of space.
“Single-tenant properties net-leased to national credit tenants such as CVS are in high demand among investors,” said Mark Taylor, vice president of investments for Marcus & Millichap's Philadelphia office, in a statement. “This trend is expected to continue in 2011 as well-capitalized private investors and REITs with strong balance sheets continue to acquire assets.”
Taylor was joined by Dean Zang and Chris Munley, also of Marcus & Millichap's Philadelphia office, to represent the undisclosed seller. The local brokers of record for Marcus & Millichap include J.D. Parker in New York, Tim Speck in Texas, Solomon Poretsky in Minnesota, Adam Christofferson in Kansas, Bill Buford in South Carolina, John Leonard in Georgia, Greg Matus in Florida and David Bohanon in Oklahoma.
Chad Adams provide in-house representation for Cole.
— Coleman Wood