Irvine, Calif. -- Passco Cos. LLC said it has purchased four CVS stores in sale-leaseback deals.
All four stores are newly constructed and recently opened by CVS, typical of the prototype for newer CVS retail/pharmacy stores. These features include drive-thru pharmacies, pick up stations, integration of CVS merchandise plans with interior design, and exterior signage modified to meet local ordinances.
Three of the stores are located in Texas suburbs, two near Austin and one near Fort Worth. The fourth store is located in Bakersfield, Calif.
“The acquisitions provide investors with a highly leveraged investment with national credit tenants locked into a 25-year guaranteed lease agreement,” said William H. Winn, Passco’s president. “They fit our model of identifying strategic investments that meet our client’s objectives.”