ORLANDO, Fla. -- Commercial Net Lease Realty Inc., a real estate investment trust, said yesterday that it has closed its acquisitionas reported in CSP Daily Newsof 74 convenience store properties from SSP Partners, a subsidiary of Susser Holdings LLC.
The purchase price for the properties was $170 million. The properties are mainly located in Texas and operated under the Circle K brand.
Susser has entered into triple-net leases whereby Susser has leased back the properties for a 20-year initial term. Commercial Net Lease Realty [image-nocss] anticipates that some of the acquired properties will be held as inventory properties and subsequently sold.
We are very pleased to add the Susser organization to our roster of high-quality tenants, said CEO Craig Macnab. The Susser convenience store properties are well located and well run, and this transaction positions NNN for a very positive start to 2006.
Orlando, Fla.-based Commercial Net Lease Realty invests primarily in high-quality, retail properties subject generally to long-term net leases with established tenants such as 7-Eleven, Barnes & Noble, Best Buy, CVS, OfficeMax and the U.S. government. These investment properties are leased to 172 corporations in 60 industry classifications, including convenience, grocery, fast-food, drug and other retail.
Corpus Christi, Texas-based Susser operates more than 300 retail c-stores in Texas and Oklahoma and distributes motor fuel to more than 340 branded dealer units and 25 unattended units through its wholesale fuel division.
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