The two Atlanta area stores in the deal are the Douglasville Blvd. Hi-Fi Buys in Douglasville, and the Hi-Fi Buys on Atlanta Ave. in Athens. The other three stores are in Texas.
Bellevue, WA-based GE Capital Business Asset Funding acquired the five properties for an aggregate sale price of $14.5 million with an aggregate lease of $20 million.
James P. Cate, managing principal of Atlanta Newmark Capital, says in a printed statement, "The proximity to regional malls and the fundamentals of the underlying real estate were important in substantiating the offering prices."
Tweeter operates 162 stores in 21 states under the Tweeter, Hi-Fi Buys, Sound Advice, Showcase, and Hillcrest brands. The company had revenue of $540 million in fiscal 2001.
Atlanta Newmark Capital Group has participated in $220 million worth of aggregate sale/leaseback deals, with more than $95 million attributed to sales.
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