Net Lease Capital closes $23 million sale of 49 CVS drugstores in a 1031 exchange
Net Lease Capital has closed on the $237 million sale of 49 CVS drugstores to an undisclosed client.
Net Lease Capital provided the portfolio as replacement properties to be used in a 1031 exchange transaction. The portfolio consisted of CVS properties located across the country, which were desirable because of the corporate guarantee of rent payments offered by CVS Caremark Corporation, which carries an investment grade credit rating (S&P BBB+). The corporate guarantee means that rent payments for all the properties are guaranteed over the entire life of their long-term leases, regardless of how well the individual properties perform.
Additionally, because of the triple net leases on each of the properties, CVS Caremark Corp. maintains responsibility for all of the operating and capital expenses of the properties, including upkeep, property taxes and insurance expenses, as well as expenses for roof and structure, so that the buyer will enjoy passive ownership of the properties.
Net Lease Capital has closed over $500 million in 2011.
Net Lease Capital Advisors is a specialized investment and advisory firm that offers a broad array of services in the net lease arena, and has closed over $6 billion in net lease transactions. The acquisitions group at Net Lease Capital has bought over $1 billion of net lease assets. The advisory group at Net Lease Capital uses net lease property and credit tenant finance in specialized tax strategies for owners of all property type. For more information, please contact Chris Campbell.
Cambridge, MA The nonprofit Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150-year-old, underutilized church complex into housing. The project will ultimately create 46 affordable family-sized apartments.
Preserving wealth across multiple generations requires strategic planning, foresight, and the right investment vehicles. Delaware Statutory Trusts (DSTs) offer a powerful solution for families looking to build and protect their financial legacy and to efficiently plan for their estate.
The Connecticut hospitality market has demonstrated uneven recovery patterns between 2019 and 2025, with boutique and historic properties achieving $125 RevPAR in 2025, up 8.7% from the 2019 level. Coastal resort properties achieved a $105 RevPAR in 2025, representing 10.5% growth since 2019. Casino corridor properties maintained modest growth with RevPAR improving 4.5% to $92 in 2025.