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BOSTON-CRIC Capital, LLC, an investor in net leased and other credit real estate, acquired a portfolio of properties from Penhall International Corp. in a $12-million sale/leaseback deal. The 11 industrial/flex facilities properties are located throughout the southwestern and western US, including Arizona, California, Colorado, Nevada and Texas.

Under the terms of the transaction, California-based Penhall, a construction services company, will lease back the facilities under 20-year, triple-net leases. The deal is the latest in CRIC Capital’s program to acquire more than $400 million of single-tenant properties across the country. The closing follows right on the heels of CRIC’s $65.4-million acquisition of 26 Applebee’s Grill and Bar restaurants from Apple American Group.

“The industrial/flex properties are an excellent addition to our inventory,” says John Gregorits, principal of Prudential Real Estate Investors. CRIC is a joint venture of Boston-based Corporate Realty Investment Co. LLC with Prudential Real Estate Investors, the real estate investment and advisory business of Prudential Financial Inc. “This acquisition demonstrates our continuing ability to execute efficiently on portfolio acquisitions of all asset types across a wide range of industries.”

Penhall International is one of the largest operated equipment rental providers in the US. The company employs over 800 skilled operators and has 736 units in its equipment rental fleet. “The transaction was a win-win for everyone involved,” notes Marjorie Palace, principal of CRIC Capital. “Penhall was able to redeploy valuable capital that it had tied up in its real estate while CRIC Capital benefited by adding solid performing industrial assets to our portfolio.”

CRIC Capital purchases real estate from and leases it back to investment grade and select below-investment grade companies through a variety of customized net leases.

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