November 2021

Recently Sold – CVS Richmond, TX

Exterior view of a recently sold CVS pharmacy store in Richmond TX at dusk with illuminated signage and a parking lot in front.

Thomas Company is pleased to announce the recent sale of a single-tenant CVS in Richmond, TX. The property totaled approximately 14,700 square feet and was listed at $6.2 million. The asset closed escrow just 10 business days after the LOI was submitted. This transaction underscores the straightforward loan assumption process, speed of execution, and surety of closing associated with zero-cash-flow investments. The buyer was attracted to the Houston MSA location, CVS credit, and the flexible nature of the investment structure to fulfill their specific exchange constraints.


  • 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.