Discount retail chain Duckwall-ALCO Stores Inc. of Abilene today said it has agreed to sell 11 ALCO locations to Realty Income Corp. for approximately $11.2 million.
It is anticipated that the transaction will close in the next few weeks, with the exception of one store in Texas, which is under construction. The company said cash proceeds from the transaction will be used to repay long-term debt.
As part of the deal, Duckwall-ALCO will continue operations at the 11 locations a 15-year sale-leaseback agreement.
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Friday, May 05, 2006
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