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The lease rates are undisclosed, but a GMAC spokesman says they "compared with market rates in their area." Two of the units are in South Carolina and 18 are in North Carolina. While they vary in size, they average about 10,000 sf, he says. The oldest was built no more than eight years ago, with the majority developed by Kerr. This transaction includes all current Kerr Drug units.
GMAC Commercial Mortgage arranged approximately 75% loan-to-value first-mortgage financing to Capital Corp. for the transaction through GMACCM's proprietary lending group. GMACCM VP Jere Lucey of the New York City loan origination group arranged the transaction. He confirms to GlobeSt.com that the funding was just over $39 million, but did not disclose the rate or term.
In a statement, Pearson says, "the net lease acquisition group looks for sale-leaseback opportunities nationwide. In sale-leasebacks, it is very important that the properties are occupied by thriving businesses. This transaction will enable Kerr to continue to grow its business." Calls to Kerr were not returned by deadline.
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