BOCA RATON, Fla., Nov. 3, 2014 /PRNewswire/ — Norton Herrick, Chairman of The Herrick Company, Inc. (the Company), one of the nation’s leading real estate investment firms, today announced that affiliates of the Company have recently sold pharmacy/retail properties located throughout the U.S. The properties, all of which are occupied under long-term triple net leases with CVS Caremark, were sold for approximately $50 million.
The transaction is a continuation of The Herrick Company’s strategy to invest and sell single-tenant, long-term net leased assets that are occupied by credit tenants.
“We continue to be successful in identifying and executing on opportunities to strategically expand our portfolio of newer single-tenant, long-term net leased assets, while profitably divesting our older assets,” said Herrick. “With significant competition in the market, our ability to move quickly to closing positions us strongly for these types of highly desirable investments.”