BOCA RATON, FL—Affiliates of locally-based real estateinvestment firm The Herrick Company Inc. hasacquired 44 retail properties net leased to CVSCaremark in 18 states from private equity firm FortressInvestment Group LLC for a purchase price of approximately $190million.


The CVS leases in the portfolio each have 25 years remaining onthe term, the company states. The portfolio's breakdown oflocations is: Pennsylvania (7), Virginia (7), Michigan (3), Georgia(3), Ohio (3), Iowa (2), Indiana (2), Kentucky (2), Minnesota (2),North Carolina (2), New Hampshire (2), Wisconsin (2), NorthCarolina (2), Alabama (1), Florida (1), Illinois (1), North Dakota(1), and Maryland (1).


A consortium of capital sources provided debt financing for theacquisition under a private placement arrangement, Herrick Co.states in its announcement.


“In real estate, there are few investment opportunities asdesirable as properties that are leased on a triple net basis bycreditworthy tenants such as CVS,” says NortonHerrick, chairman of The Herrick Company. “As we activelyseek out additional investment opportunities that fit ourrequirements, we're intently focused on acquiring this type ofstable, low-management-intensive property in the retail, industrialand office sectors.”

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.