CVS sells new store at Burbank and Gardere to REIT

CVS has sold its newest location in Baton Rouge, at 9326 Burbank Drive near Gardere Lane, to a real estate investment trust in Arizona. The $4.39 million sale was filed Monday with the East Baton Rouge Parish Clerk of Court’s office. Louisiana CVS Pharmacy LLC was listed as the seller. American Realty Capital Properties Inc., of Phoenix, is the buyer. While it might seem unusual that a retail chain would sell a property so soon after opening, it’s actually fairly commonplace in the retail sector. Chains like CVS typically sell their stores to REITS or other investor groups once the properties have been developed and the stores are up and operating. The chain company then leases back the site, maintaining management and operational control. American Realty Capital Properties owns four other CVS locations in Louisiana, including stores in Mandeville, Metairie, New Orleans and Slidell. It also owns some 90 other properties throughout the state, including Albertsons grocery stores, Dollar General and Family Dollar stores and countless fast-food chain restaurants. —Stephanie Riegel