Real estate investment trust Commercial Net Lease Realty Inc. agreed to buy 74 convenience stores from SSP Partners for $170 million.
The properties are mainly in Texas and operate under the Circle K brand.
As part of the agreement, Susser will lease back the properties from Orlando-headquartered Commercial Net Lease Realty (NYSE: NNN) for a 20-year initial term under triple-net leases.
Commercial Net Lease Realty plans to hold some of the properties as inventory and then sell them, says CEO Craig Macnab.
The companies expect to complete the purchase before Jan. 21, 2006.
Commercial Net Lease Realty invests mainly in high-quality, retail properties subject generally to long-term, net leases with established tenants such as Barnes & Noble, Best Buy, CVS, OfficeMax and the United States of America.
As of Sept. 30, 2005, the company owned 464 investment properties in 41 states with a gross leasable area of about 9 million square feet. The properties are leased to 172 corporations in 60 industry classifications.
SSP Partners is a subsidiary of Corpus Christi, Texas-headquartered Susser Holdings LLC, which operates more than 300 retail convenience 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.