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Cole Nabs $70M CVS Portfolio in Off-Market Deal

PHOENIX-The investor closes the 13-property CVS portfolio in an all-cash transaction.

By Jennifer Duell Popovec | Updated on January 27, 2011

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.

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