The Landes Group Refinances 26 CVS Properties Valued at More Than $48 Million
The Landes Group, a privately held real estate investment firm based in Dallas, TX recently completed the refinancing of 27 CVS stores. Combined, the assets are valued at more than $48 million, with retail space totaling 312,000 square feet in 11 states across the United States.
The Landes Group Founder and CEO, Brett Landes,s has owned the 26 properties since 2001. The Group worked with Detroit-based Chemical Bank.
The portfolio represents a portion of the Landes Group’s long-term vision of ownership. The transaction was structured to allow flexibility with lease restructures and term extensions. The financing also supports the consolidation of assets within the overall holdings of the company
Landes noted, “The portfolio is both unique and complicated in terms of long-term strategy and market positioning. The assets continue to successfully operate as CVS stores, indicating the excelling value and real estate acumen of CVS in their selection of the locations. We have been fortunate to have time as our best investor. We are also very pleased with our lending partner and their ability to understand our strategies.”
The Landes Group continues to acquire and develop single tenant retail assets throughout the United States. Tenants include CVS, Walgreens, NTB, Wawa, Service King, 7-11, Tire Kingdom and many others. Cathy Hoover, CFO states “Our equity partners remain committed to our aggressive acquisition strategy. We expect activity in the second half of 2019 to remain robust for the company.”
About The Landes Group
The Landes Group is a Dallas-based privately-held real estate investment firm focused on assisting corporate real estate users and investors optimize the economics of their real estate portfolios. The firm specializes in yield optimization through innovative debt and lease restructures, sale-leaseback transactions, re-tenanting opportunities and 1031/1033 tax-deffered exchanges. Since 2006, the firm, along with its affiliates, has closed more than $16 billion in transactions which have been entirely focused on single tenant leased assets, resulting in solid, long-term relationships with multiple Fortune 500 companies.