DALLAS — CVS Corp. has sold 96 of the properties on which its drugstores operate to investment fund Wolverine Equities Co. According to reports, the sale, worth some $288 million, was structured to allow CVS to retain control of the properties and continue to operate them.
The properties are located mainly in the East and contain more than 1 million feet of space. CVS routinely sells its properties as a way to raise cash, a company spokesman said.
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Wolverine Equities is affiliated with Pro Football Hall of Fame Quarterback Roger Staubach’s real estate firm, Staubach Co. Staubach provides property location services worldwide, with clients including Salomon Smith Barney, Staples, Pfizer, Cisco Systems, Old Navy and MCI WorldCom. The affiliates work together to plan and research real estate deals for Staubach’s clients, reports said.
