ELORRIO, SPAIN-WP Carey Co. has purchased two industrial properties for retailer Eroski Sociedad Cooperativa in a sale-leaseback transaction. The New York City-based firm bought the two logistic properties, here and in Mallorca, Spain, for $53.4 million.

The two properties are leased to Eroski under long-term leases, with the local asset being the retailer’s largest logistic hub. This is the second sale-leaseback with Eroski in the past seven months, said a WP spokesman, bringing the total company-owned property leased to the Spanish retailer to about $157 million. Cushman & Wakefield assisted in the transaction.

Jeffrey LeFleur, executive director with WP Carey, said the company’s SLB business model allows the firm to ignore Spain’s current financial difficulties. “Our long-term investment perspective allows us to look beyond shorter-term economic market fluctuations and evaluate the longer-term prospects of companies seeking sale-leaseback financing alternatives,” he said in a statement.

The two properties are critical to Eroski’s operations and are in economically strong regions of the country, LeFleur said. Eroski operates more than 100 hypermarkets and 1,200 supermarkets; franchises more than 500 Aliprox fast-food outlets and manages gas stations, drugstores and travel agencies.