Dallas-Based Landes Group Acquires 36 CVS Pharmacy Stores

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Local real estate investment group closes $110 million deal for 36 properties from nation’s largest retail pharmacy chain.

Brett Landes, president and founder of the Landes Investment Group Inc.

"We have had a strong, mutually beneficial relationship with CVS for more than a decade."

The Landes Investment Group Inc., a privately held real estate investment and development company, announced today that entities affiliated with it have acquired 36 CVS pharmacy properties valued at approximately $110 million. The properties, which were acquired from CVS in September 2010 in sale-and-leaseback transactions, are located in 19 states; two of them are in the Dallas area, where the Landes Investment Group is based.

“We are pleased to acquire these properties and complete another transaction with CVS, further augmenting our robust portfolio of investments,” says Brett Landes, the company’s founder and president. “We have had a strong, mutually beneficial relationship with CVS for more than a decade, and we look forward to continuing that association.”

Entities affiliated with the Landes Investment Group secured financing for the properties through Teacher Insurance & Annuity Association (TIA-CREF) and Prudential Capital Group. Liechty & McGinnis LLP served as advisor and legal counsel on the transactions.

In 2009, LLWG Capital Inc., an entity affiliated with the Landes Investment Group, purchased 313 CVS pharmacy properties valued at $1.375 billion. The acquisition of those properties, located in 33 states, came via three separate sale leaseback transactions last year.

CVS is the nation’s largest provider of prescriptions and related healthcare services, with more than 7,000 locations.

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