December 2021

Recently Sold – Off-Market CVS, Portfolio

Two images of recently sold CVS pharmacy stores: the top shows a two-story brick building at twilight, while the bottom depicts a single-story wood-paneled structure in daylight.

Thomas Company is pleased to announce the recent sale of a four-property CVS retail portfolio – locations in Whitehall, PA, North Reading, MA, Mt. Pleasant, SC and Hardeeville, SC. The portfolio totaled approximately 49,400 square feet. The transaction was for the leasehold interest, meaning only the building’s improvements were sold. The long-term in-place leases and investment-grade credit of the tenant allowed the buyer to create an attractive debt product. This allowed the buyer to maximize LTV, replace a significant amount of debt from their exchange, while generating a higher yield than on a fee simple acquisition.


  • MANAGEMENT-FREE OWNERSHIP: The Tenant recently executed 19-year absolute net leases (NNN) with no Landlord responsibilities whatsoever. The Tenant is responsible for all management and maintenance of the asset.
  • LEASEHOLD INTEREST: The transaction was for the leasehold interest only, allowing the buyer to depreciate 100% of their cost basis.