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BURLESON, TX-In an off-market deal, Inland Western Retail REIT Inc. has picked up a 10,908-sf commercial building leased for another 14 years to CVS Corp. Like others rolling into the portfolio, the building formerly was flagged as an Eckerd Drug Store.

Inland’s keeping the price under wraps for the 1.7-acre asset at 100 SW. Wilshire Blvd. However, two other recent sales of drug stores, both the same size, brought returns of $2.9 million to $4.4 million for sellers in Chattanooga, TN and Oklahoma City, according to the REIT’s SEC filing. Since the year started, Inland’s bought nine drug stores leased to the Woonsocket, RI-based CVS and former Eckerd Corp. plus two locations held by the Deerfield, IL-headquartered Walgreen Co., mostly in southern cities. The MO includes triple net leases.

The just-bought CVS in southwest Fort Worth was bought off market from Colonial Investors Ltd. of Orlando, says an Inland contact. The REIT’s Joseph Cosenza, president of Inland Real Estate Acquisitions Inc., brokered the for the six-year-old holding, which will be under the watch of Inland Southwest Management Corp. According to the seller’s website, the drug store was one of three on the market by a triple-net, 1031syndicator for $11.4 million.

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