CrossAmerica to sell and lease twenty properties for $29M
CrossAmerica Partners announced that it has entered into an agreement with a leading institutional real estate investor for the sale and leaseback of 20 properties acquired as part of the State Oil acquisition for net proceeds of approximately $29M. CrossAmerica acquired the State Oil assets on September 27 for $41.8M, which included a total of 56 fee properties and 60 million gallons of annual fuel supply. As part of the agreement, the retail sites in the Chicago market will be sold to the buyer and leased to CrossAmerica for a period of 15 years with an additional 15 years of renewal options. The transaction is subject to further due diligence and is expected to close by the end of the year.