Realty Earnings Company has signed an settlement to amass as much as 415 single-tenant comfort retailer properties situated within the U.S. from EG Group in a $1.5 billion gross sales leaseback. The portfolio is predicted to be acquired at an estimated cap charge of roughly 6.9% and have a 20-year weighted common preliminary lease time period. The transaction is predicted to shut within the second quarter of 2023.
Roughly 80% of the entire portfolio annualized contractual lease is predicted to be generated from properties within the Northeast U.S., together with roughly 116 properties in Massachusetts, 87 properties in New York, and 74 in Florida, that are the highest three consultant states within the portfolio. Over 80% of the entire portfolio annualized contractual lease is predicted to be generated from properties operated underneath the Cumberland Farms model. Different consultant EG Group manufacturers within the portfolio embody Tom Thumb, Fastrac and Dash, and the common property measurement of the portfolio is roughly 3,700 sq. toes.
