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Sunday, November 21, 2010

Sale-Leaseback of National Retail Tenant


Amherst, New York - New York State is where our Net Lease Properties news comes from today. In a sale-leaseback transaction, the Tenant exercised their option to purchase the Net Leased Property. The National retailer J. C. Penney purchased its own store in the Boulevard Mall. J. C. Penney had been leasing for nearly four decades. This Retail Shopping Mall is located at 730 Alberta Drive in Amherst, New York. There have been question if National Retailers and Drug Stores purchase the Investment Property after their lease is complete. J.C. Penney, as well as other shopping center anchor tenants, sometimes purchase their own parcels from mall developers. This Retail Shopping Center has other Anchor Tenants such as Sears, and Macy's. This Mall has Banana Republic, Champs Sports, Foot Locker, Gap, Hollister Co., La Rosa Pizzeria, M & T Commercial Bank, Radio Shack and many others leasing space.

Some commercial real estate investors believe it’s not uncommon for National anchor stores like J. C. Penney to buy their own building from their landlord. Quite often their lease includes an option to buy and the rent is about to be increased. Some commercial real estate investors feel the value in J.C. Penney is in their Commercial Real Estate, Investment Property Portfolio.

This Net Lease Property was purchased by The Plano, Texas-based department store company, through JC Penney Properties. They paid $3.05 million to for this Net Lease Investment. The J.C. Penney address is 1303 Niagara Falls Boulevard in Amherst. The Net Leased Property seller was Buffapenn Associates LP. The net lease property at one time had been owned by Carl Icahn’s Icahn Enterprises LP, but was sold to Buffapenn in 2004. Amherst is about 6 miles from the Buffalo Niagara International Airport (BUF)located at 4200 Genesee St, in New York.

This commercial real estate process started as a sale-leaseback. J.C. Penney, had built the 192,715- square-foot store in 1971 and sold it to Buffapenn. J.C Penney, in the sale-leaseback transaction, leased it since then. A sale-leaseback allows the lessee to write off its entire rent payment instead of just depreciation and the interest portion of the commercial mortgage debt. J.C. Penney owns approximately 41 Million square feet of its retail space. They also own about 11.2 Million square feet of owned distribution space.

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