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NEWTON, MASS—Spirit MTA REIT shareholders have approved the previously-announced sale of a portfolio of 774 service-oriented net-leased retail properties to Hospitality Properties Trust for $2.4 billion. Hospitality Properties expects the deal will close on Sept. 20, 2019.
Spirit shareholders also approved a voluntary liquidation plan, with the sale representing a critical step in the full wind-down of the REIT.
The portfolio's tenants range from quick service and casual dining restaurants, movie theaters, health and fitness, specialty retail, automotive parts and services. Hospitality Properties' assets are primarily lodging and net lease travel centers, which are leased under long-term triple net leases to more than 500 quick service restaurants and 179 casual dining restaurants, truck repair businesses, stores and large gas stations.
The net lease portfolio from Spirit MTA will create a more diversified portfolio, CEO John Murray said when the deal was first announced. He also indicated that more deals in these industries are on the horizon. "In the future, we expect to invest in additional service and necessity-based retail properties on a triple net basis, preferably in portfolios, in addition to our continued focus on hotels and travel centers," he said in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
