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BOSTON-CRIC Capital LLC has acquired 30 Valvoline service centers in a sale-leaseback transaction with Great Lakes Quick Lube Limited Partners. Price and terms of the deal were not disclosed and the parties represented themselves.

“These properties are a smart investment for us and a great addition to our portfolio,” Marcy Axelrad, principal of CRIC Capital, tells GlobeSt.com. “Our capital combined with the experience and sophistication of Great Lakes management team has created a winning relationship.”

The 30 service centers are located in Wisconsin and Illinois, primarily in the trade markets of Madison, Milwaukee and Chicago. CRIC funded the acquisition for the company, which will operate as a Valvoline lessee, pursuant to a long-term, triple net lease. Great Lakes has 47 stores in operation. “CRIC gives us the flexibility to substantially increase the size of our company into the one of the largest quick-lube chains in America,” says Jim Wheat, president of Great Lakes Quick Lube and group vice president of Pennzoil.

This acquisition brings locally based CRIC’s total portfolio transaction volume to nearly $300 million in the past eight months. The firm recently acquired portfolios from Apple American Group LLC, Penhall International, GasMart USA and Acapulco Mexican Restaurants. CRIC purchases real estate from and leases it back to investment grade and below–investment grade companies through net leases, to allow corporations and organizations to free up capital to re-invest in their core businesses.

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