Kerr Drug Completes $52 Million Sale Leaseback of 20 Drug Stores

Businesswire - November 4, 2005

GMAC Commercial Holding Capital Corp. recently purchased of a portfolio of 20 free-standing drug stores for $52,100,000. Capital Corp.'s Net Lease Acquisition Group negotiated the sale/leaseback transaction with an affiliate of Kerr Drug, a Raleigh, N.C.-based regional chain of drug stores.

Net Lease Acquisition Group Vice Presidents Patrick Pearson and Gregg Fields structured 20-year, triple net leases for each of the stores. Eighteen of the stores are in North Carolina and the remaining two are located in South Carolina. All of the properties are fairly new--the oldest was built between seven and eight years ago--and the majority are self-developed.

GMAC Commercial Mortgage (GMACCM) Vice President Jere Lucey, of the New York loan origination office, arranged approximately 75 percent loan-to-value first mortgage financing for the transaction through GMACCM's Proprietary Lending Group. Sphere: Related Content