Inland Arranges Sale of 49 CVS/pharmacy Properties in 16 States for $211 Million

by Katie Sloan

Oak Brook, Ill. — Inland Real Estate Group has arranged the sale of 49 newly developed CVS/pharmacy properties across 16 states for more than $211 million.

Inland handled the deal on behalf of the buyer, an affiliate of the company. The portfolio contains a total of 651,216 square feet. The CVS/pharmacy properties are located in Arizona, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, Missouri, Nebraska, Tennessee, Texas, Utah and Vermont.

“This was an attractive acquisition opportunity due to the fact that we were able to buy all 49 CVS stores in one transaction,” says Joe Cosenza, vice chairman of Inland Real Estate Group and president of Inland Real Estate Acquisitions, the purchasing arm for the company’s various entities. “I like CVS, I like the properties and the investment is good for Inland.”

This portfolio acquisition follows on the heels of Inland’s October 2016 purchase of 24 additional newly developed CVS/pharmacy properties for more than $116 million. Those assets are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin.

David Neboyskey and Kristin Orlando acted as in-house counsel for Inland in this latest portfolio transaction.

The Inland Real Estate Group of Companies collectively raised more than $600 million in capital last year across its various funds, which have facilitated these recent purchases. The Oak Brook, Illinois-based company is one of the nation’s largest commercial real estate and finance groups. The company is composed of independent legal entities, some of which may be affiliates, share some common ownership, or have been sponsored and managed by subsidiaries of Inland Real Estate Investment Corp.

—   Nellie Day

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