The properties total more than one million sf. The drug stores are located in Alabama, Connecticut, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Washington, DC and Virginia.Brett Landes, Wolverine's senior vice president, says the deal is key to CVS' real estate financing strategy. CVS will operate the stores under a long-term lease arrangement that's part of buyout terms. CVS is considered the nation's leading drug store chain and largest retail prescriptions provider, with operations in the northeast, Mid-Atlantic, southeast and Midwest.
In the past two years, Wolverine and Staubach have put together more than $4 billion in single-client transactions. Wolverine's role is to aid Staubach's financial services customize real estate financing options for corporate clients.
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