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NEWCASTLE ACQUIRES CVS PORTFOLIO FOR $30 MILLION

PARK RIDGE, ILL. — Park Ridge-based Newcastle Properties has acquired a portfolio of CVS/pharmacy stores for approximately $30 million. The portfolio contains nine stores located in six states. They include:

542 Providence Rd. in Brooklyn, Conn.;
6202 Commerce Palms St. in Tampa, Fla.;
301 S. Sixth Ave. in Wauchula, Fla.;
4700 Piedmont Pkwy. in Greensboro, N.C.;
2902 Forestville Rd. in Raleigh, N.C.;
4 Hall St. in Concord, N.H.;
885 Central Ave. in Albany, N.Y.;
1571 Forest Ave. in Staten Island, N.Y.; and
1402 E. Lake Mead Pkwy. in Henderson Nev.

The stores in the portfolio range in size from 12,900 to 13,225 square feet, and all of them are located on sites ranging from 1.21 to 2.98 acres. All are subject to 25-year, triple-net lease agreements. Newcastle acquired the portfolio on behalf of SVC Equity Partners LLC, one of its investment affiliates. Representation for Newcastle was provided by Jeffrey Gurian of Highland Park, Ill.-based Becker & Gurian. The seller was not disclosed. Newcastle's affiliates now own and operate approximately 3 million square feet of commercial real estate in 20 states.

— Coleman Wood

Content Partners
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