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$237M 1031 Exchange Trades 49 CVS Stores

NASHUA, NH-SCP Capital sold 49 CVS drugstores to an undisclosed company which purchased the retail units as replacement properties in its 1031 transaction.

By Ryan Clark | Updated on August 19, 2011

NASHUA, NH-Net Lease Capital closed a $237-million sale for an undisclosed buyer. The deal was part of a 1031 exchange where the buyer was grabbing a portfolio of 49 properties as replacement properties. The portfolio is composed solely of CVS properties located throughout the country. Net Lease Capital could not disclose the buyer or seller, but SCP Capital confirmed to GlobeSt.com that the portfolio was assembled from their CVS properties.

Net Lease Capital sough these properties because of CVS CareMark Corp.’s corporate guarantee, which holds that rental payments for all properties are guaranteed over the entire length of their leases, which are long-term, regardless of the property’s individual performance. Net Lease Capital’s Carl Christensen tells GlobeSt.com noted that gaining all the properties from a single seller made the short timeline easier, as well as lessened the transaction costs associated with a deal of this scope.

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