A subsidiary of real estate investment firm Sand Capital has acquired a portfolio of 47 CVS Pharmacy stores throughout the U.S.
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Sand Pharmacy Portfolio's acquisition, which was worth an estimated $275M, includes stores in Sedona, Arizona; Seattle; Wheaton, Illinois; Southern California; Dallas/Houston; and Tuscaloosa, Alabama.
“We’re going to keep some and sell the majority of them. We already own 36. They’re great for trade buyers,” Sand Capital President Jay D. Stein said.
The transaction took approximately two months to complete and closed Wednesday afternoon. It will bring Sand Capital’s total portfolio value to an estimated $1B, Stein said.
Sand Capital is a privately held real estate investment company based in Scottsdale, Arizona. The firm is controlled by principals of Sandor Development Co., which is one of the largest privately held retail shopping center owners in the country.
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