Herrick Co Acquires 44 CVS Leased Retail Properties
The Herrick Company Inc. acquired 44 CVS retail/pharmacy properties throughout the United States. The properties containing 578,758 square feet, all of which are occupied under long-term triple net leases with CVS Caremark, were acquired by the Boca Raton-based investor for $190 million or about $328 per square foot. The CVS leases in the recently acquired portfolio each have 25 years remaining on the term. "In real estate, there are few...
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