December 9, 2019
Service Properties Trust, a net-lease retail and lodging REIT based in Newton, MA., has divested from a national single-tenant retail portfolio. The sales price was $435 million.
Net-lease REIT Spirit Realty Capital Inc. acquired the 123-property portfolio, which consists mainly of restaurant concepts that include Burger King, Wendy’s, KFC, Rally’s, Skyline Chili and Buffalo Wild Wings. The portfolio is spread across 26 states and includes 54 different concepts. About one third of the portfolio is leased to restaurants. The tenant roster also includes retail concepts LA Fitness, Ashley Home Store, Carmax, Crunch Fitness and Tire Warehouse.
“Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage,” said John Murray, CEO of Service Properties Trust.
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