Phoenix, Arizona - Net Lease Properties information today is on a large sale-leaseback of 33 commercial properties. Cole Credit Property Trust III Inc. has put it in writing to buy 100% of Albertson's interest in 33 commercial retail properties.
These retail properties consist of 1,916,854 million square feet throughout the United States. The price we have heard for this sale-leaseback has been $276 million. The Albertson's sale-leaseback portfolio includes 33 single-tenant commercial properties in Texas, Arizona, New Mexico, Louisiana and Colorado. The commercial properties are 100% occupied by Albertson's now and they will also lease back each commercial property.
The current annual base rent is $19,771,971, which works out to for a base rent of $10.31 square foot. The annual base rent under the lease increases every five years by 10 percent of the then-current annual base rent. The leases should be identical for each commercial property and will run for 20 years with six 5-year lease renewal options.
The buyer of the sale-leaseback portfolio has put down a $10 million deposit and has a 30-day due diligence period, during which it may terminate the agreement for any reason. Additional information should surface after the sale-leaseback completely closes, possibly by Oct. 19, 2010.
If you are in position to get into a sale-leaseback with your Publix Net Leased Properties, Walgreen's Net Leased Properties, McDonald's Net Leased Properties or other "NNN" Triple Net Lease Properties, CONTACT US HERE. We have a list of Investors desiring to purchase Investment Property with a sale-leaseback of Investment Grade Credit Tenants.
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