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ORLANDO, Fla. -- Commercial Net Lease Realty Inc., a real estate investment trust, signed agreements with SSP Partners, a subsidiary of Susser Holdings LLC, to acquire approximately 74 Susser convenience store properties for approximately $170 million.
The properties are primarily located in Texas and operated under the Circle K brand. Following the terms of the agreement, Susser will lease back the properties for a 20-year initial term under triple-net leases.
The acquisitions are expected to be completed before Jan. 31, 2006, subject to customary closing conditions. Commercial Net Lease Realty believes that some of these properties will be held as inventory properties and subsequently sold.
"The Susser transaction further establishes our company in the convenience store sector," said Craig Macnab, CEO and president of Commercial Net Lease Realty, "and we are especially pleased to be able to provide sale leaseback financing to such a high-quality operator."
Susser operates over 300 retail convenience stores in Texas and Oklahoma and distributes motor fuel to over 340 branded dealer units and 25 unattended units through its wholesale fuel division.