CrossAmerica Partners Closes Sale-Leaseback Of Bought Properties

SHARE

CrossAmerica Partners said it has completed a sale-leaseback transaction with an unnamed institutional real estate investor for properties acquired as part of its State Oil acquisition.

The company received proceeds of $25 million which will be used to reduce debt under the partnership’s revolving credit agreement.

In connection with the sale, CrossAmerica entered into a lease agreement with a 6.5% capitalization rate under which it will lease 17 properties in the Chicago market for an initial period of 15 years with an additional 15 years of renewal options.

SHARE

LEAVE A REPLY