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Inland Real Estate Acquires 24 CVS Pharmacies for $116 Million

Inland Real Estate Acquisitions Inc. finalized the acquisition of 24 newly developed CVS Pharmacy properties, totaling 276,466 square feet across 14 states, for a total purchase price of more than $116 million, about $419.60 per square foot.

"This was an attractive acquisition opportunity due to the fact that each store was under a new 25-year absolute triple net lease that CVS Health Corp. guaranteed for each CVS Pharmacy property," noted Joe Cosenza, vice chairman of The Inland Real Estate Group, Inc. and president of Inland Real Estate Acquisitions.

Newly constructed, triple-net leased assets remain in high demand and limited supply, according to CoStar data.

In a tally of 350 CVS properties sold in the last six quarters, CoStar shows only about 18% have been built in the last two years. Cap rates on the sale of the most recently built CVS properties averaged 5.2% compared to 6.1% to the group as a whole.

The average sale price of the newly built pharmacies is $508/square foot compared to $400 for the group as a whole.

To date, Inland Real Estate Acquisitions has facilitated almost $44 billion of purchases including retail centers, apartments, medical office, student housing, self-storage facilities and single-tenant properties.

The CVS Pharmacy properties Inland purchased are listed below:

·  609 Military Road, Benton, Arkansas

·  2091 Lost Mountain Road SW, Powder Springs, Georgia

·  506 E. Main St., Staunton, Illinois

·  409 E. Main St., Richmond, Kentucky

·  304 S. 5th St., Leesville, Louisiana

·  1116 Louisiana Ave., New Orleans, Louisiana

·  111 N. Main St., Frankenmuth, Michigan

·  740 Railroad Ave., Albany, Minnesota

·  9 Lockwood Ave., Bronxville, New York

·  225 Main St., Dansville, New York

·  120 E. Main St., Wilmington, Ohio

·  27120 Bagley Road, Olmstead Township, Ohio

·  350 N. 10th St., E. Buffalo Township, Pennsylvania

·  28 N. Claude A Lord Blvd., Pottsville, Pennsylvania

·  1869 Great Falls Highway, Lancaster, S. Carolina

·  8555 Ferguson Road, Dallas, Texas

·  744 U.S. Highway 181 N., Floresville, Texas

·  12740 Eldorado Parkway, Frisco, Texas

·  13901 Sendera Ranch Blvd., Haslet, Texas

·  15027 State Highway 6, Pearland, Texas

·  9050 FM 1560 N., San Antonio, Texas

·  820 S. 5th St., Waco, Texas

·  18048 Jefferson Davis Highway, Ruther Glen, Virginia

·  535 E. Division Ave., Barron, Wisconsin

For additional information, see CoStar Sale Comp ID: 3731153


By Mark Heschmeyer

October 18, 2016

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