PHOENIX-Cole Real Estate Investments has acquired a 13-property CVS portfolio for $70.1 million in an off-market transaction. The investor bought the 174,000-square-foot net lease portfolio from a private owner based in Philadelphia, closing the deal in an all-cash transaction.

The CVS properties are located in 11 states including California, Florida, Georgia, Kansas, Minnesota, Mississippi, New Jersey, New York, Oklahoma, South Carolina and Texas. Developed by CVS, the stores opened in 2009 and 2010 and sold to the Philadelphia-based investor in September 2009.

“Cole knew about the transaction in 2009 and contacted us looking to see if the owner would be willing to sell,” says Chris Munley, a senior associate with Marcus & Millichap Real Estate Investment Services. He represented the seller in the deal, along with Dean Zang, vice president investments, and Mark Taylor, vice president investments, also with Marcus & Millichap. Chad Adams, director of acquisitions, represented Cole internally.