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June 13, 2024
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Developer Sells Portfolio of 13 CVS-Occupied Properties in Deals Totaling $90 Mil


A portfolio of 13 CVS-occupied properties sold in multiple transactions totaling $90 mil. The properties, which total just under 195k sf, are located in the states of Arizona, Texas, Virginia, South Carolina, Idaho, Louisiana, Oklahoma, Ohio and New Jersey.

John Redfield, Matthew Mousavi, Patrick Luther and Tom Power with SRS Real Estate Partners’ National Net Lease Group represented the seller, a private developer. The buyers were a number of individual private investors.

“This was a portfolio of credit tenant-leased (CTL) financed zero cash flow assets whereby they provided tax advantages and equity growth benefits to the investors,” said Redfield. “The majority of the buyers were in a 1031 exchange and utilized paydown readvance or paydown payup, a unique structure in some zero cash flow loans where the investor can satisfy the exchange and pull cash out. With limited net leased assets on the market, this zero cash flow structure gives 1031 buyers an opportunity to realize good profits from their sale without having to pay potentially large capital gains and depreciation recapture.”

Like 1031 exchanges, zero cash flow opportunities also have tax advantages for investors who purchase without an exchange and can utilize tax benefits with accelerated depreciation. Since they are highly leveraged, many times an investor can utilize bonus depreciation to help with portfolio level tax strategies.

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