HARBOR GROUP INTERNATIONAL ACQUIRES CVS PROPERTIES IN CHICAGO, ILLINOIS AND INWOOD, WEST VIRGINIA
NORFOLK, Virginia – March 18, 2010, Harbor Group International, LLC (“HGI”) announced today that an affiliate of the Company has acquired two CVS/pharmacy retail stores located in Chicago, Illinois and Inwood, West Virginia. The properties were acquired as a portfolio from Mesirow Realty Sale-Leaseback, Inc. for $9.5 million. Each of the properties is leased for a remaining initial term of approximately 24 years with ten additional five-year option periods.
“The long term, in-place leases to CVS provide stability of future cash flows,” said T. Richard Litton, Jr., President of HGI. “HGI believes that the acquisition of CVS/pharmacy locations at current yields and cap rates offers our investors a compelling investment proposition.”
CVS Chicago is a 13,013 square foot CVS/pharmacy with a double drive-thru situated on 1.1 acres in Dolton, Illinois, part of the Chicago Metropolitan Statistical Area. The property is within 2 miles of both Interstate 57 and Interstate 94 approximately 23 miles south of the Chicago Central Business District. CVS Inwood is a 12,900 square foot CVS/pharmacy with a double drive-thru situated on 2.3 acres in Inwood, West Virginia, part of the Hagerstown-Martinsburg, Maryland Metropolitan Statistical Area. The property is located approximately 90 miles northeast of Washington, D.C. off of Interstate 81 at the intersection of US Route 11 and WV Route 51.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $2.6 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Chicago, London, Toronto and Tel Aviv. The Company’s real estate holdings include over 9.6 million square feet of commercial space and more than 14,000 apartment units. For additional information, please visit www.harborgroupint.com.
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