Inland Real Estate buys portfolio of 49 CVS stores
Inland Real Estate Acquisitions, Inc. has acquired 49 newly developed CVS Pharmacy properties for $211 million.
The portfolio consists of 651,216 square feet across 16 states, specifically located in Arizona, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, Missouri, Nebraska, Tennessee, Texas, Utah and Vermont.
“I like CVS, I like the properties and the investment is good for Inland,” said Joe Cosenza, vice chairman of The Inland Real Estate Group, Inc. and president of Inland Real Estate Acquisitions. “This was an attractive acquisition opportunity due to the fact that we were able to buy all 49 CVS stores in one transaction.”
Another recently announced high-dollar pharmacy deal was Walgreens’ plans to purchase 2,186 stores, three distribution centers and related inventory from Rite Aid for $5.18 billion in cash.