Prescription Pun-Free Zone: CVS-Occupied Properties Sell for $90M

SRS’ National Net Lease Group, based in Newport Beach, Orange County, has completed a sale of 13 CVS-occupied properties across the United States. Total value of the deal is $90 million.

The total square footage on the move in the sale is 195,000.  The states where properties are affected: Arizona, Texas, Virginia, South Carolina, Idaho, Louisiana, Oklahoma, Ohio and New Jersey. 

SRS NNLG’s John Redfield, Matthew Mousavi, Patrick Luther, and Tom Power represented the seller, a private developer. The buyers were a number of individual private investors.  

It’s a zero-cash-flow deal, which provides tax advantages for the buyers (akin to 1031 exchanges), including accelerated depreciation. “Since they are highly leveraged, many times an investor can utilize bonus depreciation to help with portfolio level tax strategies,” according to a news release.

In 2021, SRS’ Investment Properties Group and National Net Lease Group (NNLG) completed 800 transactions valued in excess of $3 billion and currently has in excess of $2 billion in property on the market.