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BOSTON-CRIC Capital LLC entered into an $18 million sale-leaseback transaction with Fuel Service Mart USA Inc., dba GasMart USA, a developer and operator of convenience stores. As part of the deal, CRIC acquired five convenience store/gas station properties in the Chicago market area. The combined size of the five properties is 15,842 sf. GasMart will lease back the retail properties under new 20-year, triple-net leases.

The deal is the latest in CRIC’s plan to acquire more than $400 million of single-tenant properties across the country and is the third portfolio acquisition for the companyin the past two months.

“Recognizing our competitive advantages, we continue to focus on portfolio deals,” says John Gregorits, principal of Prudential Real Estate Investors, which formed the Boston-based CRIC Capital in a joint venture with Corporate Realty Investment Co. “Our equity capital enables us to close quickly and efficiently offering the lessee a certainty and ease of execution for portfolios of non-credit, but high-performing assets.”

This acquisition is part of GasMart’s acquisition from ConocoPhillips of 29 Chicago market stores, and follows its recent acquisition of 11 retail properties from ConocoPhillips in the Kansas City market. The combined size of the five properties is 15,842 sf.

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