Remember Quantum Real Estate Advisors EVP Jordan Kaufman and SVP Dan Waszak’s multi-state zero cash flow CVS deal? The New York-based seller starred in Goodfellas, intriguing “phantom income” was involved, and it was one complicated caper. Jordan tells us the firm just sold off the seller’s last three fee simple zero cash flow CVS properties for $8.9M (one in North Carolina, two in Texas), and they’ve come full circle. Here’s why: the properties were part of CVS Corp’s massive 2004 sale/leaseback with Staubach Capital Partners (originators of the first large pool of SCP zero cash flow CVS stores). When those properties were flipped to investors like our wise guy, many leases had rights of first refusal.

While the properties were set to sell to a New England-based pro zero cash flow investor with a private fund (who purchased the first three leasehold stores in the portfolio), the Staubach alums (no longer affiliated) exercised their right and bought the properties back, Jordan says. (Looks like absence does make the heart grow fonder.) Quantum has three new Walgreens properties under contract for the seller’s exchange (two closing in the next couple weeks, the third in early summer). Jordan says the firm’s working on more zero cash flow deals on the buy side for 1031 investors that need to park their money tax-free.