QuickLiquidity announced on Thursday that it has acquired partnership interest in a $30 million real estate portfolio, which reportedly portfolio consists of 5 triple net lease CVS’s and 3 Hy-Vee’s, totaling over 220,000-square-feet of single tenant properties with long-term leases and self-amortizing loans.
A. Yoni Miller, Principal of QuickLiquidity, stated:
“We are continuously increasing our holdings of minority interest positions in investment grade single tenant properties acquired on the secondary market. This latest acquisition is a strong confirmation of the type of investments we make on a regular basis as a passive investor. Our current portfolio consists of national credit tenants such as Walgreens, PNC Bank, Starbucks, Lowe’s, and others.”
The company revealed that portfolio’s average 5-mile radius population of the CVS’s are 158,457. CVS Caremark Corporation (commonly called CVS) is the second largest pharmacy chain in the United States, with over 7,000 stores. CVS is an investment grade tenant with an S&P rating of BBB+. Its average 5-mile radius population of the Hy-Vee’s are 29,521. Hy-Vee, Inc. is a leading Midwest grocery, with over 240 locations and more than $9.3B in annual revenues in 2015.