The Real Deal Miami

Herrick buys CVS portfolio from Fortress

Boca Raton-based investor gets 44 properties leased to drug store chain
April 24, 2014 03:45PM

Norton Herrick

Norton Herrick

A Boca Raton investor paid $190 million for a multi-state portfolio of CVS locations.

The Herrick Co. acquired the 44 properties from Fortress Investment Group, South Florida Business Journal reported. A group of lenders provided financing for the purchase. The existing leases with CVS have another 25 years remaining.

“In real estate, there are few investment opportunities as desirable as properties that are leased on a triple net basis by creditworthy tenants such as CVS,” Herrick chairman Norton Herrick said in a written statement. “As we actively seek out additional investment opportunities that fit our requirements, we’re intently focused on acquiring this type of stable, low-management-intensive property in the retail, industrial and office sectors.”

An eclectic firm that has invested in real estate for nearly 55 years, Herrick’s portfolio includes movies such as “Lone Survivor,” racehorses, green energy projects and fine art. [South Florida Business Journal]Eric Kalis