Cost Plus Completes $53 Million Sale leaseback of Distribution Center in VA

SEC Edgar Database - November 27, 2006

On October 26, 2006, Cost Plus, Inc. entered into a Purchase and Sale Agreement with Inland Real Estate Acquisitions, Inc. Pursuant to the Purchase Agreement, the Company will sell the property located at 12300 Dominion Way, Windsor, Virginia, to Inland. The property consists of approximately 84 acres and includes a distribution facility of approximately 1,000,000 square feet. The Company anticipates that the closing date will be on, or around, December 15, 2006. The purchase price for the Property will be $52,275,000.

In connection with Inland’s purchase of the Property, the Company intends to enter into a lease agreement with Inland, as lessor, and the Company, as lessee (the “Lease Agreement”) that will become effective simultaneously with the closing of the Purchase Agreement. Pursuant to the Lease Agreement, the Company will lease the Property described above, including the distribution facility.

(On April 7, 2006, Cost Plus reportedly entered into a 20 year sale leaseback transaction with Inland Real Estate Acquisitions, Inc. involving its 500,000 square foot Stockton, CA distribution center at a cap rate of 7.2%.) Sphere: Related Content