June 4, 2019
Dallas-headquartered Spirit MTA REIT reached a definitive agreement with Hospitality Properties Trust of Newton, MA to sell owned properties held in its Master Trust 2014, as well as three additional assets, owned by Spirit Realty Capital Inc., for a total of $2.4 billion. The three assets consist of three travel centers that had been subject to mortgage loans held by the Trust. Closing on the entire portfolio is scheduled for the end of Q3 2019.
The sale represents a first step toward liquidating the REIT, which is focused on selling its remaining property assets. SMTA invests in NNN property types.
Barclays acted as financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to SMTA. ICR, LLC acted as communications advisor to SMTA. Morrison & Foerster acted as counsel for Bank of America Merrill Lynch, in its role as financial advisor to HPT.
*Pictured: 2727 N. Harwood, Spirit MTA REIT Headquarters
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