James L. Brault, president of Brauvin, tells GSR that because the Anchorage market is landlocked by mountains and water, the company viewed the acquisition as a long-term investment. The portfolio also played well into the company's objective to acquire retail assets with strong fundamentals.

"We look for transactions just like this," Brault says. "We're always looking for places to find underlying value, and this economy is growing faster than other markets."

Brauvin Net Capital and its affiliates have acquired more than 160 net-leased retail and retail related assets located in 30 states throughout the country. Since 1986, Brauvin has focused exclusively on the acquisition of net-leased properties. Brauvin's investment vehicles include REITs, LLCs, and partnerships. Brauvin is also an active seller of properties.

The Alaskan properties are operated by a wholly owned subsidiary of San Antonio-based Tesoro Corp, an independent refiner and marketer of petroleum products, operating six refineries in the Western United States. In combination with the purchase of the assets, Brauvin and Tesoro agreed upon a long-term extension of each of the asset's underlying property leases.

"We do a variety of asset types," Brault tells GSR. "We have an underlying investment target, and in that we are looking to diversify."

In September, Brauvin acquired 13 7-Eleven convenience stores located in Pennsylvania, Ohio and West Virginia. The properties were purchased from, and simultaneously leased on a long-term basis to, Prima Marketing LLC, an independent 7-Eleven licensee.