Chicago Buyer Nabs CVS for $5M

Chicago investor L2 Partners acquired a 13,813-square-foot CVS Pharmacy at 601 N. Valley Mills Dr. in Waco, TX. The buyer paid the seller, listed as Bernard & Audre Rapoport Foundation, $5 million for the asset, which is occupied by a corporate CVS Health store on a triple-net lease.

Matt Berres and Caroline Binning of JLL Capital Markets represented the seller. Jack Stead with Northstar REIS Inc. represented the buyer.

Waco, situated approximately two hours south of Dallas-Fort Worth, is also home to Baylor University. The CVS store has had a long operating history, with 6 1/2 years of term remaining on the current lease. The lease also provides four, five-year options.

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