(To read more on the net lease market, click here.)
ABILENE, KS-Duckwall-ALCO Stores Inc. has signed an agreement tosell 11 ALCO retail locations to Escondido, CA-based Realty IncomeCorp. for $11.2 million. Under the agreement, the locally basedretail firm will lease back the properties for a 15-year term andcontinue their operation under the ALCO name.
Cash proceeds from the sale will be used to repay a significantportion of the retailer's long-term debt, according to Bruce Dale,Duckwall-ALCO's president and CEO. Realty Income specializes inacquiring net-leased properties. In a statement, Tom A. Lewis, CEO,says, "the quality stores, good real estate and operating history,combined with long-term leases" make them "a welcome addition toour portfolio."
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