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Realty Income to Buy 112 Retail Assets

ESCONDIDO, CA-The locally based company will shell out $100.5 million for the convenience stores, according to a definitive agreement that the firm has signed with seller Alimentation Couche-Tard Inc.

By Erin Cassin | Updated on March 17, 2004

ESCONDIDO, CA-Locally based Realty Income Corp. is poised to add another 112 convenience store properties to its portfolio, having recently entered into a definitive agreement with seller Alimentation Couche-Tard Inc. The deal, which is a sale/leaseback transaction, is valued at $100.5 million.

Realty Income had actually provided some assistance to Alimentation Couche-Tard when the Canadian-based firm acquired the assets from Conical Phillips back in December of last year, Realty Income’s vice president of corporate communications Tere Miller tells GlobeSt.com. Now, just several months later, Alimentation Couche-Tard is entering into the sale/leaseback with Realty Income, as a way “to pay down some of the debt that they took on to finance the transaction in the first place,” Miller says. Realty Income, meanwhile, will “end up with a nice portfolio of real estate at a decent lease deal to the company and a good cash flow,” Miller adds.

The assets, which are Circle K-branded convenience stores, are scattered throughout nine states (41 in Florida, 38 in Arizona, eight each in South Carolina and Louisiana, seven in North Carolina, three each in Alabama and Mississippi and two each in Georgia and New Mexico). Situated on lots with an average size of one acre, the properties encompass around 2,780 sf each and have an average of 3.4 multi-pump gas dispensers per site.

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