Albertsons to Sell, Lease Back 71 US Stores for $720 Million

Albertsons Cos. has actually entered into a contract to offer and rent back 71 of its stores to a Delaware-based limited-liability entity in a transaction planned to raise up to $720 million.

C.F. Albert LLC will buy the residential or commercial properties and lease each one back for a preliminary term of Twenty Years, with Albertsons booking 8 alternatives for five-year lease renewals, inning accordance with a filing by Albertsons with the U.S. Securities and Exchange Commission.

The business anticipates the sale-leaseback of the homes, subject to traditional closing conditions, will nearby Dec. 2.

The filing does not consist of a list of the properties associated with the sale leaseback contract, but lists 15 different selling entities connected with a series of big food and pharmacy chains, including Safeway, Jewel, Randall’s, Vons, Dominick’s and Wildcat.

Sales-leasebacks have in current years been a popular car for grocery chains and other holders of net-lease residential or commercial properties to monetize their owned-store portfolios.

In 2010, Cole Credit Residential or commercial property Trust III Inc. acquired Albertson’s interest in 33 retail residential or commercial properties comprising 1.9 million square feet throughout the United States for $276 million.

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