C-Store Portfolio Lands Acquisition Financing

A Shell station in the 154-property acquired by a private fund advised by Crow Holdings Capital.

DALLAS—HFF said Monday it had arranged post-acquisition financing for a portfolio of 154 net-leased convenience and gas station sites totaling 97.8 acres in the Northeast. Deal terms were not disclosed; the financing took the form of a five-year, floating-rate acquisition loan with 18 months’ interest-only to a private real estate investment fund advised by Crow Holdings Capital–Real Estate. The loan was provided by a consortium of lenders, led by Capital One and BMO Harris.

The portfolio properties comprise 88 sites in New York state, 45 sites in Massachusetts and 11 sites in Connecticut.  There are also seven sites in New Hampshire, two Rhode Island sites and one site in Pennsylvania.  All 154 properties are subject to an absolute net lease for 20 years with a subsidiary of Petroleum Marketing Group, a leading jobber and distributor of petroleum products and operator of convenience stores.