Monday, September 29, 2008

Pep Boys Completes $77.5 Million Sale Leaseback of 22 Auto Parts Stores

CoStar Group - September 24, 2008

Corporate Partners Capital Group Inc., a Los Angeles-based company that specializes in structuring purchase-leaseback transactions with corporations, acquired 22 properties in various locations across the United States from The Pep Boys Manny Moe & Jack of California and Wachovia Development Corp. The aggregate purchase price was $77.5 million, or approximately $177.50 per square foot, and had an estimated cap rate of 7.5%.

The 22-retail properties total 474,434 square feet. The buyer entered into agreements to lease the properties back to be operated as Pep Boys stores.

Howard Sands of Corporate Partners Capital Group Inc. represented the buyer in-house. Harry Yanowitz, Alexander Spooner and Joe Cireli of Pep Boys and John Altmeyer of Wachovia represented the sellers in-house. Sphere: Related Content

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