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    REIT Forms Joint Venture for $220M of C-store Assets

    National Retail Properties partners with Crow Holdings Realty.

    ORLANDO -- National Retail Properties Inc., a publicly traded real estate investment trust (REIT), formed a joint venture with an affiliate of Dallas-based Crow Holdings Realty Partners IV LP, with plans to acquire up to $220 million worth of real estate focused on convenience store properties, the company stated.

    The venture plans to acquire the properties leased to convenience store operators in a sale-leaseback transaction, Kevin Habicht, CFO of National Retail, told CSNews Online. While the joint venture does not currently own any properties, its parent company, National Retail, owns property from approximately 15 different c-store operators, he said.

    During the next six to 12 months, the joint venture will acquire the convenience store properties ranging in size from 20 to 2,000 stores, from large chains such as Susser and The Pantry, to smaller regional chains, he said.

    "We like the risk/reward attributes of the convenience store sector," Craig Macnab, CEO of National Retail, said in a statement. "We have found the c-store operators we have partnered with to have well-located properties at busy traffic intersections with high land value as a percentage of the total price. These properties have solid unit-level economics."

    National Retail will be the managing member of the venture, and will hold a 15-percent equity interest. The remaining 85-percent equity interest will be supplied from Crow Holdings.

    "We believe that the convenience store asset class will offer us an excellent opportunity to provide our partners with strong equity returns," Robert McClain, Head of Real Estate for Crow Holdings, said in a statement.

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