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CRIC Capital Acquires 11 Industrial/Flex Facilities

BOSTON-CRIC Capital acquires a portfolio of properties from Penhall International in a $12-million sale/leaseback deal. The 11 industrial/flex facilities are located throughout the southwestern and western US.

By Naomi Grossman | Updated on December 10, 2003

BOSTON-CRIC Capital, LLC, an investor in net leased and other credit real estate, acquired a portfolio of properties from Penhall International Corp. in a $12-million sale/leaseback deal. The 11 industrial/flex facilities properties are located throughout the southwestern and western US, including Arizona, California, Colorado, Nevada and Texas.

Under the terms of the transaction, California-based Penhall, a construction services company, will lease back the facilities under 20-year, triple-net leases. The deal is the latest in CRIC Capital’s program to acquire more than $400 million of single-tenant properties across the country. The closing follows right on the heels of CRIC’s $65.4-million acquisition of 26 Applebee’s Grill and Bar restaurants from Apple American Group.

“The industrial/flex properties are an excellent addition to our inventory,” says John Gregorits, principal of Prudential Real Estate Investors. CRIC is a joint venture of Boston-based Corporate Realty Investment Co. LLC with Prudential Real Estate Investors, the real estate investment and advisory business of Prudential Financial Inc. “This acquisition demonstrates our continuing ability to execute efficiently on portfolio acquisitions of all asset types across a wide range of industries.”

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