October 2021

Recently Sold – CVS Portfolio

Exterior view of a recently sold CVS pharmacy store with a white facade and red signage, surrounded by autumn foliage under a clear sky.

Thomas Company is pleased to announce the recent sale of two-property CVS retail portfolio – locations in Lakewood, WA and Waverly, OH. The combined list price was approximately $12.4 million. The assets were structured with long-term fixed-rate CTL financing. The transaction underscores the market’s recent uptick in demand for zero-cash-flow product. This was the buyer’s first zero-cash-flow transaction. They were attracted to the flexible nature of the investment structure to fulfill their specific exchange constraints and the easily assumable financing.


  • 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.