Boca Raton, Fla. – Real estate investment firm The Herrick Company Inc., has acquired 44 retail/pharmacy properties located throughout the U.S. The properties, all of which are occupied under long-term triple net leases with CVS Caremark, were acquired for approximately $190 million.
The transaction reflects The Herrick Company's continued strategy of investing in single-tenant, long-term net leased assets that are occupied by credit tenants. The CVS leases in the recently acquired portfolio each have 25 years remaining on the term. Affiliates of The Herrick Company purchased the CVS portfolio from private equity firm Fortress Investment Group LLC, with debt financing for the acquisition provided by a consortium of capital sources under a private placement arrangement
"In real estate, there are few investment opportunities as desirable as properties that are leased on a triple net basis by creditworthy tenants such as CVS," said Norton Herrick, chairman of The Herrick Company. "As we actively seek out additional investment opportunities that fit our requirements, we're intently focused on acquiring this type of stable, low-management-intensive property in the retail, industrial and office sectors."