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MONTVALE, NJ-The Great Atlantic & Pacific Tea Co., also known as A&P, the 820-store supermarket chain based here, has sold a total of 19 company-owned assets to Cardinal Capital Partners of Dallas and New York. The 16 supermarket units and three warehouse facilities were sold to Cardinal Capital after several months of negotiations beginning early this year.

Cardinal Capital Partners paid more than $140 million for the assets, which are located in the tri-state area of New Jersey, New York and Connecticut, as well as in Michigan and Maryland, according to Jon Tomasson, managing director in the firm’s New York office. “Having a tenant like an A&P occupy these facilities allows us to capitalize on the company’s brand name in a recession-resistant industry,” Tomasson says of the sale-leaseback transaction.

Jonathan B. Schultz, president and CEO of The Schultz Organization/TCN Worldwide, based in Woodbridge, NJ, advised Cardinal Capital Partners on the sale. “Cardinal Capital has a reputation as being one of the leaders in the net lease industry, and the A&P transaction reflects their strategy of acquiring assets in top tier markets.” TCN Worldwide consists of over 100 offices and 2,000 member agents in more than 140 major metropolitan areas.

Since its founding back in 1988, Cardinal Capital Partners has acquired more than $5 billion worth of net leased properties in over 200 transactions. To accumulate that portfolio, the company has generally invested in retail, industrial, office and R&D properties ranging from $2 million to $330 million in 10 states. The company has also invested in portfolios containing up to 120 properties.

A&P continues to hold company-owned stores and distribution facilities in 16 states plus the District of Columbia and the province of Ontario, operating its stores under the A&P, Food Emporium, Waldbaum’s and several other trade names. Fred Burstein, vice president of properties and administration for the retail chain, terms the sale/leaseback transaction “multifaceted and extraordinary.”

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