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RICHMOND, VA-Capital Automotive REIT of McLean, VA, has completed the acquisition of nine CarMax superstores in seven states for $102.4 million.

CarMax, a subsidiary of Circuit City based here, has agreed to lease the properties back for 15 years, with two 10-year renewal options.

In a statement, Capital Automotive said the deal was financed with net proceeds from its public stock offering, which was completed August 8, with the remainder coming from long-term debt from Toyota Financial Services.

The deal includes 413,000 sf of buildings on 116 acres, with eight used-car superstores and five new-car franchises.

CarMax operates 33 used-car superstores and 20 new-car franchises.

Capital Automotive is a real estate investment trust that owns 259 properties with an asset value of $1.2 billion.

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