Seven Property CVS Pharmacy Portfolio

A seven-property CVS Pharmacy portfolio has traded in a zero-cash-flow transaction arranged by Thomas Company. The portfolio was offered at approximately $57 million at a cap rate well below 5 percent and closed in December 2025. Thomas Company represented the seller and procured the buyer.

The composition was mixed: four fee simple properties and three leasehold interests, spread across seven states from California to Virginia, each held in a separate ownership entity carrying its own CTL note. Every property is subject to a bondable net lease guaranteed by CVS Health Corporation, with roughly ten years of term remaining at closing.

The appeal of a portfolio like this is scale on a small equity check. Zero cash flow assets are underwritten on amortization, depreciation, and residual value rather than current return, and the in-place CTL debt was originated in an earlier rate environment and is not replicable on today’s terms. That combination reaches a narrow universe of buyers, and identifying the right one matters more than broad exposure.

The offering was structured with a paydown readvance, which was central to the execution. The buyer, a New York family office, was completing a 1031 exchange, and the feature allowed the exchange equity requirement to be satisfied without disturbing the underlying CTL financing. The transaction closed inside the buyer’s exchange window. The seller is a repeat Thomas Company client.

Thomas Company remains among the most active advisors in the zero cash flow and CTL segment, where execution turns on matching structure to the right capital source.

For more information on similar investment opportunities, please contact Jeffrey Thomas at Thomas Company.