James Bell in Marcus & Millichap's Houston office tells GlobeSt.com that the property was on the market, but pulled in early spring until buyout rumors became fact. Gulf Coast GP, the store's developer, returned the 12600 FM 1960 property to the market at a 7.25% cap rate. Bell says the net-leased deal was easier to sell because a contract with the Woonsocket, RI-based CVS, with its stronger financial footing, was far more attractive than the struggling Eckerd name, owned by JCPenney Co. Inc. of Plano, TX.

Bell says there were several investors eyeing the acquisition from Eckerd's preferred developer in Houston. The San Diego investor scored the win for his first buy in Texas with an all-cash offer and a closing just 26 days after the contract was signed, according to Bell. The contract for the 1.7-acre property was placed at the International Council of Shopping Centers convention in Las Vegas. Hiu Chan of the Long Beach office of Marcus & Millichap represented the buyer.

CVS plans to relocate or shutter up to 300 of the 1,260 stores that it's buying. The just-sold property has the advantage of being in a strong submarket and adjacent to Eldridge Town Center, a Kroger-anchored asset owned by NewQuest Properties of Houston. Its other neighbors include Petco, Kohl's and a Wal-Mart Supercenter. Bell says the location's strength was reflected in the selling price.