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HOUSTON-Houston’s Hunington Properties is hawking 25 properties for Austin-based EZCorp. Inc. in a sale-leaseback strategy to strike a secured credit line from the firm’s books by December.

Sandy P. Aaron of Hunington Properties tells GlobeSt.com that in all EZCorp has put 45 properties on the market, 20 of which have been sold or are under contract just in the past four months. He estimates that the balance could be gone in 90 to 120 days, two-thirds of which are situated in Texas and the balance in Oklahoma, Florida and Indiana. The Texas locations are three each in Houston, Dallas and San Antonio, one in Austin and 15 in the Rio Grande Valley. The portfolio sale represents all of EZCorp’s owned real estate. To date, three have been hawked in Houston, two in San Antonio and one in Laredo.

Aaron says buyers primarily have been 1031 exchange borrowers. The properties typically average 5,000 sf and range from $300,000 to $500,000. The holdings are freestanding cinderblock buildings unlike the usual EZPawn stores commonly found in shopping centers.

Aaron has been cutting leaseback arrangements of 15-year triple net pacts for the two- to five-year-old buildings. The buyers, he tells GlobeSt.com, are hailing “from everywhere…from one end of the coast to the other.”

The nationwide pawnshop owner has about 280 leased locations in 12 states and is the second largest pawnshop operator in the US. EZCorp, based at 1901 Capital Parkway in Austin, also has a 30% stake in Albemarle & Bond Holdings, a UK pawnshop operator, according to Hoover’s Online.

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