Recently Sold - CVS, Louisville, KY
Thomas Company is pleased to announce the closing of a CVS Pharmacy leasehold located in Louisville, Kentucky. The property recently opened in 2019 and totals over 9,700 SF in size.
The property was offered free and clear of debt, allowing investors to purchase on an all-cash basis. The asset was structured with an absolute triple-net bondable lease with no landlord responsibilities.
Key Highlights
- CVS Health Corporation (S&P: BBB, NYSE: CVS), together with its subsidiaries, is one of the largest pharmacy health providers in the United States, operating more than 9,900 retail drugstores in the United States, Puerto Rico, and Brazil.
- The property is situated in an established location along high traffic roadways. In addition, the property benefits from excellent demographics with strong household income and a mature population.
- The property is subject to an absolute NNN lease where the tenant has responsibility for all repair and maintenance of the Property, and the Landlord has no responsibility.
LA Recently Sold - CVS, Moss Bluff, LA
Thomas Company is pleased to announce the recent sale of a CVS Pharmacy located in Moss Bluff, Louisiana. The asset was structured with long-term fixed-rate CTL financing. The transaction underscores the market’s ongoing demand for zero-cash-flow product. The buyer was attracted to the flexible nature of the investment structure and the easily assumable financing.
Key Highlights
- ZERO-CASH-FLOW STRUCTURE: Long-term, easily assumable, fixed-rate CTL financing.
- MANAGEMENT-FREE OWNERSHIP: The Tenant has executed a 25-year bondable net lease (NNNN) with no Landlord responsibilities whatsoever. The Tenant is responsible for all management and maintenance of the asset.
- PASSIVE LOSSES: The property provides the owner with significant passive losses (depreciation and interest expense) to help offset unsheltered cash flow from other real estate investments.
Recently Sold - CVS, Belle Mead, NJ
Thomas Company is pleased to announce the closing of a CVS Pharmacy leasehold located in Belle Mead, New Jersey. The property recently opened in 2019 and totals over 13,200 SF in size.
The property was offered free and clear of debt, allowing investors to purchase on an all-cash basis. The asset was structured with an absolute triple-net bondable lease with no landlord responsibilities.
Key Highlights
- CVS Health Corporation (S&P: BBB, NYSE: CVS), together with its subsidiaries, is one of the largest pharmacy health providers in the United States, operating more than 9,900 retail drugstores in the United States, Puerto Rico, and Brazil.
- The property is situated in an established location along high traffic roadways. In addition, the property benefits from excellent demographics with strong household income and a mature population.
- The property is subject to an absolute NNN lease where the tenant has responsibility for all repair and maintenance of the Property, and the Landlord has no responsibility.
Recently Sold - Olympia Park Ground Lease, Louisville, KY
Thomas Company is pleased to announce the recent sale of 99-year ground lease under a Class-A Office building in Louisville, Kentucky. The Property was structured as a Zero Cash Flow investment allowing the purchaser to utilize the Paydown Readvance feature to cash out their excess equity in their 1031 exchange. The property closed as an off-market transaction.
Highlights
- CLASS-A OFFICE : The 137,486 SF building was developed in 2019 in one of the most affluent areas of Louisville, with a diverse high-credit tenant roster including T-Mobile, GSA, Weiland, and RW Baird.
- ZERO-CASH-FLOW: Long-term, easily assumable, fixed-rate CTL financing.
- LONG-TERM PASSIVE OWNERSHIP: The Leasehold Tenant executed a 99-year absolute NNN with no Landlord responsibilities whatsoever and attractive annual rent escalations.
Recently Sold - CVS, Bath, ME
Thomas Company is pleased to to announce the recent sale of a well-located CVS store in Bath, ME totaling +/- 11,945 square feet of retail space. The property was offered as a highly leveraged zero-cash-flow investment, with an attractive, assumable loan that fully-amortizes prior to the expiration of the lease. The property provides an investor with significant passive losses to help offset unsheltered cash flow from other real estate investments.
Recently Sold - CVS Portfolio
Thomas Company is pleased to announce the recent sale of a four-property CVS retail portfolio – two locations in Maryland and two in Texas. The portfolio totaled approximately 52,423 square feet.
These are all new CVS locations, each having opened in 2019 or 2020, and the portfolio offers a weighted average remaining lease term of over 23 years. The portfolio was offered free and clear of debt and are structured with absolute triple-net bondable leases with no landlord responsibilities.
Thomas Company Negotiates Sale of 47-Property CVS Portfolio
Thomas Company is pleased to announce the completed individual sales of a 47-property CVS portfolio. The properties were offered as highly leveraged zero-cash-flow investments, with attractively priced loans on each property that will fully-amortize prior to the expiration of each lease. Each property is leased on a bondable triple-net basis, with CVS responsible for all repair and maintenance.
All stores are recently constructed or have been recently renovated and are located throughout the U.S in 22 states. Combined, the properties total more than 571,465 square feet of retail space. The credit of CVS and the fully amortizing nature of the loans allowed lenders to underwrite the assets with much higher leverage ratios than typical real estate investments. The high amount of leverage required far less equity to be invested and generate annual passive losses that work to offset taxable income from other investments.
As of March 2022, CVS operated over 9,900 retail locations in the United States, Puerto Rico, and Brazil. Its stores sell prescription drugs and front- end products such as non-prescription medications, health and beauty aids, and cosmetics. The company also operates the nation’s largest chain of health care clinics, with 1,100 MinuteClinic outlets throughout the country. MinuteClinics are staffed by nurse practitioners and physician assistants who utilize nationally recognized protocols to diagnose and treat minor health conditions, perform health screenings, monitor chronic conditions, and deliver vaccinations.
Recently Sold - Global Payments, Salt Lake City MSA
Thomas Company is pleased to announce the closing of a Global Payments Class-A office located in South Jordan (Salt Lake City MSA), Utah. Located in the Jordan Valley Tech Center, the five-story office building totals 106,083 square feet and is occupied by Global Payments subsidiary AdvancedMD, which provides cloud-based enterprise solutions for physician offices in the US.
Located in the South Jordan/Sandy submarket, one of Utah’s fastest growing areas, the Property is 17 minutes directly south of downtown Salt Lake City and 21 minutes from the Salt Lake City International Airport. Known as the “Gateway to Silicon Slopes” the area is recognized as a high-technology business cluster with a politically supportive environment for entrepreneurship and business. Over the last several years, the US Census Bureau has reported South Jordan City in the top-10 fastest growing cities in the nation.
Recently Sold - CVS Pharmacy Leasehold
Thomas Company is pleased to announce the closing of a CVS Pharmacy leasehold located in Clinton, Connecticut. The property recently opened in 2019 and totals over 13,000 SF in size.
The property was offered free and clear of debt, allowing investors to purchase on an all-cash basis. The asset was structured with an absolute triple-net bondable lease with no landlord responsibilities.
Key Highlights
- CVS Health Corporation (S&P: BBB, NYSE: CVS), together with its subsidiaries, is one of the largest pharmacy health providers in the United States, operating more than 9,900 retail drugstores in the United States, Puerto Rico, and Brazil.
- The properties is situated in an established location along high traffic roadways. In addition, the property benefits from excellent demographics with strong household income and a mature population.
- The property is subject to an absolute NNN lease where the tenant has responsibility for all repair and maintenance of the Property, and the Landlord has no responsibility.
Q1 2022 Closings
Thomas Company is pleased to announce the closing of 12 single tenant net lease properties in 10 states during the first quarter of 2022. The properties collectively sold for over $160M and totaled over 435,000 square feet. We would like to thank our clients for the privilege of working with them and look forward to many more successful disposition assignments.
Highlights
ProHealth Care, Inc. | Asking Price: $23.9M
A Class-A 112,000 SF Office Headquarters located in Waukesha, Wisconsin and leased to ProHealth Care, Inc. on a long-term basis.
Intuit | Asking Price: $52.5M
A Class-A 130,000 SF Office Campus located in Boise, Idaho and leased to software company Intuit (NASDAQ: INTU, S&P: A-) on a long-term basis.
Gateway First Bank | Asking Price: $33.3M
A Class-A 87,000 SF Office Headquarters located in Tulsa, Oklahoma and leased to Gateway First Bank on a long-term basis.