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Volume 3 - Number 1 | January 4, 2005
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TOP STORY: $519M CVS Sale-Leaseback: Largest In Company's History
By Michelle Napoli
In what is said to be the largest such deal in the drugstore retailer’s history, CVS Corp. closed on a $519-million sale-leaseback of 163 properties with affiliates of Staubach Capital Partners, based in Dallas, and a group of approximately 12 other investors. The properties were either owned or ground-leased pharmacies in 22 states, and average out to a little more than $3.18 million each.
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INSIDER: CNLR’s Craig Macnab
By Michelle Napoli
As Commercial Net Lease Realty CEO Macnab approached his one-year anniversary with the net-lease REIT, NET LEASE forum editor Michelle Napoli spoke with him about the company’s activities in 2004 and its strategy for 2005, including why it is refocusing on the retail sector.
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Deutsche Bank, Prada Complete Sale-Leasebacks In Europe
By Michelle Napoli
When Deutsche Bank AG announced a US$1.2-billion, 5.27-million-sf sale-leaseback with Blackstone Real Estate Partners late in 2003, the bank’s global head of corporate investments said it was exploring more opportunities to reduce ownership of its real estate portfolio.
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Korpacz: Net-Lease Overall Cap Rates Up Slightly
By Michelle Napoli
Average overall cap rates for national net-lease sales edged up slightly from 8% to 8.04% during the third quarter of 2004 compared to the prior quarter, according to the Korpacz Real Estate Investor Survey, though average residual cap rates continued to decline, from 9.2% to 9.17%.
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SPECIAL BONUS SUPPLEMENT: TIC ROUNDTABLE
By Michelle Napoli
Welcome to a special bonus publication available only to current NET LEASE forum subscribers. On Nov. 10, 2004, NLF editor Michelle Napoli hosted an exclusive, invitation-only roundtable discussion in Los Angeles among nine leading TIC experts.
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