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BOSTON-Retail pharmacy giant CVS Corp. has entered into a sale-leaseback deal with a group led by the Dallas-based Staubach Co. for 163 locations in 22 states for $519 million. Staubach formed a group of 12 investors in addition to their own acquisition affiliate, Staubach Capital Partners, to purchase the single retail pharmacies. The group in turn will flip the assets in turnaround deals.

“This deal makes a lot of sense for both companies,” Jim Koury, senior vice president of capital markets at Spaulding & Slye Colliers, tells “Staubach has distinguished itself for years now as a player in this market of single tenant triple-net drugstores, where they generally turn around and resell them to investors looking for 1031 exchange opportunities. Staubach is a market maker and CVS just wanted to generate some quick capital.”

The purchase was financed through a 14A securities offering underwritten by Credit Suisse First Boston, ABN AMRO, Morgan Stanley and Sun Trust Robinson Humphrey. Andrew R. Urban, co-managing partner, and Joel Bloom of Mintz, Levin, Cohn, Glovsky and Popeo, represented CVS in the transaction, which closed on Dec. 22.

CVS did not return phone calls by deadline and Kevin Yancy, president of Staubach Capital Partners, issued a “no comment” through a representative.

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