Inland Real Estate Acquires 49 CVS Properties

Totaling 651,216 square feet across 16 states, the portfolio traded for more than $211 million. Joe Consenza, David Neboyskey and Kristin Orlando facilitated the transaction.

Courtesy: Mike Mozart, flickr user
Courtesy: Mike Mozart, flickr user

Inland Real Estate Acquisitions purchased 49 newly developed CVS Pharmacy properties across 16 states. Totaling 651,216 square feet, the purchase price equaled to more than $211 million. The assets are located in Arizona, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, Missouri, Nebraska, Tennessee, Texas, Utah and Vermont.

Attractive Investment 

“I like CVS, I like the properties, and the investment is good for Inland,” said Joe Cosenza, vice chairman of The Inland Real Estate Group Inc. & president of Inland Real Estate Acquisitions, in prepared remarks. “This was an attractive acquisition opportunity due to the fact that we were able to buy all 49 CVS stores in one transaction.”

Cosenza facilitated the transaction on behalf of an Inland affiliate, with the help of David Neboyskey and Kristin Orlando, both in-house counsels. Inland Real Estate has facilitated more than $44 billion of purchases including $13 billion worth of single tenant properties in addition to retail centers, apartments, medical office, student housing and self-storage facilities.