X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.