The fact that we were able to have such a successful year speaks to the strength of our relationship with CVS, as well as our reputation and history.”
Dallas, TX (PRWEB) February 24, 2010
Landes Investment Group, Inc. (the “Landes Group”), a privately held real estate investment and development company, announced today that it has acquired a total of 313 CVS pharmacy properties valued at $1.375 billion. The acquisition of the properties, located in 33 states, came via three separate deals in 2009, the last of which was completed in mid-December 2009.
“Last year was an extremely difficult time for many businesses, so we’re pleased that we were able to acquire these properties at competitive rates in the midst of a challenging economy when so few transactions were being done,” says Brett Landes, the company’s founder and president. “The fact that we were able to have such a successful year speaks to the strength of our relationship with CVS, as well as our reputation and history.”
The Landes Group purchased the properties from CVS as sale-and-leaseback transactions, by which the company buys land and buildings from CVS, then leases them back over a long term. The first round of transactions was completed in June 2009 for 122 properties valued at approximately $495 million; the second round closed in September 2009 for 25 properties valued at $137 million; and the third round was completed in December 2009 for 166 properties valued at $743 million.
The deals were closed through LLWG Capital, Inc., a related entity of which Landes is President. Barclays Capital, a global financial services provider, was the primary investment banker for the deals. Liechty & McGinnis, LLP served as advisor and legal counsel on the transactions.
ABOUT LANDES GROUP
The Landes Group is a private real estate investment and development company in Dallas, Texas, helmed by president and founder Brett Landes. The company, which specializes in commercial real estate development, property management and investments, has a portfolio in excess of $1 billion. The Landes Group’s affiliated companies include LLWG Capital, Inc., Vintage Interests, and Lobo Tortilla Factory, Inc. For more information, visit http://www.landesgroup.com.
Catherine A. Wantuck, Chief Financial Officer
The Landes Group
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