ORLANDO-Locally based Commercial Net Lease Realty Inc., one of the largest retail REITs in the nation, just got bigger. A company subsidiary merged with Des Moines-based National Properties Corp. in a stock-debt deal valued at $60 million.

The deal gives CNLR 43 new properties totaling 399,000 sf of gross leasable area, including 17 Quik Trip convenience stores, five Perkins restaurants, two Academy sporting goods stores and one Walgreen’s drug store. The merger gives CNLR a portfolio of 427 investment properties in 40 states with a gross leasable area of about 8.9 million sf. The properties are leased to 171 corporations in 61 industry classifications. The tenant roster includes Barnes & Nobles, Best Buy, CVS, OfficeMax and federal government agencies.

“The transaction is consistent with the strategic objectives of CNLR, which is to build value for our shareholders by acquiring high-quality retail properties,” says CNLR CEO and president Craig Macnab. “The NPC properties broaden the diversity of the CNLR investment portfolio.”

Macnab adds the transaction is “immediately accretive to our funds from operations, provides an excellent yield for our shareholders without additional overhead expense and increases our presence in the convenience store category.” The CEO says CNLR invests primarily in high-quality, single-tenant retail properties, “generally subject to long-term net leases.”

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