Cole Real Estate Investments, a Phoenix-based investor in income-producing retail, office and industrial real estate, has acquired Caremark Tower II, a 195,000 square-foot office building in Northbrook, Ill., for $44.25 million.
The property is net leased to CVS Caremark, the largest pharmacy healthcare provider in the U.S. Caremark Tower II is a key operations center, serving as one of three regional headquarters for the company.
‘This acquisition fits squarely with Cole's investment strategy focused on high-quality commercial properties, long-term leased to creditworthy, industry-leading businesses,’ says Robert Micera, chief investment officer for office and industrial properties at Cole. ‘This is a mission-critical office asset for CVS Caremark, well located in a Northern Chicago suburb with strong demographics, and we are pleased to include this in our expanding portfolio.’
