NORTHBROOK, IL-Cole Real Estate Investments, based in Phoenix, has purchased the 195,000-square-foot Caremark Tower II building here for $44.3 million. The building is fully occupied by Woonsocket, RI-based drugstore firm CVS Caremark, which uses the building as a regional headquarters.

The seller of 2215 Sanders Rd. was a joint venture of Fulcrum Asset Advisors LLC and Angelo Gordon & Co, which purchased the tower with another nearby CVS-occupied building for about $67 million in May 2007. Cole did not buy the other property, which is also for sale. The Tower II building includes a three-story, 250-space parking structure.

Robert Micera, chief investment officer for office and industrial at Cole, said in a statement that his non-traded REIT was interested in the tower because the high-credit tenant has a 10-year remaining net lease. Cole-related entities also own and manage more than 95 single-tenant CVS pharmacies across the country, with a market value of about $375 million. The trust has acquired about $2.2 billion in assets this year, and is targeting $3 billion total by Dec. 31.

Boyd Messmann, SVP, represented Cole in the transaction. Ken Glomb and Stephen Livaditis with Eastdil Secured represented the seller.

Instant Insights /

Cole Confirms $44M Buy of CVS Regional HQ Tower

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