German family office represented by International Capital acquired a CVS Pharmacy in the metropolitan area of Chicago, Illinois.
CVS Health (NYSE: "CVS") was founded in 1969 and is one of the largest retailers in the US pharmaceutical industry. CVS sells prescription drugs and a wide assortment of general merchandise, including over-the-counter drugs, beauty products, and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy and Longs Drugs Retail stores and online.
In 2020, CVS totaled $292 billion in sales, an increase of approx. 9% over the previous year, and employed more than 300,000 people. CVS now operates over 9,900 locations in 49 US states, an equivalent to around 11% of all drug stores in the US, providing around 4.5 million people with daily access to basic health care.
The free-standing drugstore with a pharmacy drive-thru was built in 2019 and is situated on a large 1.6 acre parcel of land. Strategically located on a busy retail intersection, the property is highly visible and accessible. The investment offers a 25-year absolute triple net lease with ten 5-year renewal options.
Martina Crevecoeur, CCIM, Senior Vice President Acquisitions / Dispositions of International Capital LLC, represented the investor in the transaction.