Cornerstone Joint Venture Development for CVS in Johnstown

Dublin, OH—Wall Street Direct Loans Partners Corporation, a private development, acquisition, and investment firm, completed its build-to-suit development of a brand new CVS retail pharmacy in Johnstown, Ohio. Cornerstone developed the real estate and the improvements and delivered the new drug store to CVS. CVS accepted the building from Cornerstone and began paying rent October 28, 2009 in preparation for the store grand opening January 17, 2010.

Cornerstone formed a limited liability company called Cornerstone Johnstown, LLC in order to hold title to the property, act as landlord under the lease with CVS as tenant, and bring together the joint venture partners. Limited liability companies such as the one Cornerstone formed for this project have often been the best way to facilitate customized joint venture projects.

The Managing Director of Cornerstone, Andrew Kraus, elaborated on the joint venture:

"We were fortunate to work with outstanding partners in our Johnstown CVS joint venture. They brought the land and a wealth of real estate project experience to us. The LLC structure enabled us to customize our relationship and strike the right balance between sharing risks and taking responsibility so we could get the project done."

Cornerstone combined its real estate development expertise and existing tenant relationships with its internal cash equity capital and financing skills to help make the development a success.

"Real estate developments such as this are ultimately successful because of the efforts of many talented and dedicated people who touched it along its journey from concept to completion," added Mr. Kraus.

The new development is located at 797 West Coshocton Street, Johnstown, Ohio 43031, about 15 miles outside of Columbus. CVS/pharmacy relocated to the site from a nearby shopping center. The area has high growth potential and is home to Tech International, Atria Windows and Doors, Atrium, and Mohawk Carpets. The nearby retailers include: a new Kroger center across the street from the site, Goodwill, Wendy’s, Pizza Hut, Family Dollar, McDonalds, Dollar General, Subway, National City Bank, Heartland Bank, and Verizon Wireless.

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