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ORLANDO, Fla.--Commercial Net Lease Realty Inc., a real estate investment trust, purchased 74 convenience store properties from SSP Partners, a subsidiary of Susser Holdings LLC, for $170 million.
The properties are primarily located in Texas and operated under the Circle K brand. Susser has triple-net leases in which the company has leased back the properties for a twenty-year initial term.
"We are very pleased to add the Susser organization to our roster of high-quality tenants," said Craig Macnab, CEO of Commercial Net Lease Realty Inc. "The Susser convenience store properties are well located and well run, and this transaction positions us for a very positive start to 2006."
Commercial Net Lease Realty noted that some of the acquired properties will be held as inventory properties and eventually sold.
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.