Retailer Casual Male Closes Sale Leaseback of HQ Complex Near Boston

Casual Male Retail Group Web Site - February 3, 2006

On January 30, 2006, Casual Male Retail Group, Inc., the nations largest retailer of big and tall men's apparel, entered into a sale-leaseback transaction with Spirit Finance Corporation for its headquarters and primary distribution center property for $57.0 million. The property consists of a 725,835 gross square foot building located on approximately 27.3 acres in Canton, MA. The transaction funded and closed on February 1, 2006.

The Company agreed to lease the property back for an annual rent of $4.56 million, payable monthly and in advance. The initial period of the Lease Agreement is for 20 years with optionas to extend for six additional successive periods of five years. In addition, on February 1, 2011, the fifth anniversary of the Lease Agreement, and for every fifth anniversary thereafter, the base rent will increase not to exceed the lesser of 7% or a percentage based on changes in the Consumer Price Index. Sphere: Related Content