THE WOODLANDS, TX-Conn's Inc. entered into a sale/long-term lease-back agreement of four owned properties for $22.4 million. The buyer was STORE Capital Acquisitions LLC.
According to a press release detailing the transaction, Conn's will use the sale's proceeds to repay borrowings under its real estate loan and asset-based lending facility. Three of the stores are in Texas, with the fourth in New Mexico.
“We appreciate STORE's assistance in completing this transaction, allowing us to dedicate our capital to our core business and growth plans,” says Theodore M. Wright, Conn's chairman and CEO in a prepared statement. Conn's is a specialty retailer currently operating 68 retail locations in Texas, Louisiana, Oklahoma, New Mexico and Arizona. The company's primary product categories include home appliances, furniture, mattresses, consumer electronics and home office items.
STORE Capital, located in Scottsdale, AZ, specializes in the acquisition and lease-back of single-tenant operational real estate (hence the company name of STORE).
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