Spirit Realty Capital, based in Dallas, TX, Wednesday announced the Company has closed on the sale of 108 properties to a subsidiary of 84 Lumber Company, out of Eighty Four, PA. The total cash consideration received by Spirit today was US$205.7 million, consisting of US$200.7 million to purchase the assets, and a US$5 million amendment fee that allowed 84 Lumber to accelerate the exercise of the rst purchase option date of April 30, 2017.
At June 30, 2016, 84 Lumber was Spirit’s second largest tenant and represent-ed 2.8 per cent of its normalized rental revenue. The total consideration received by Spirit in the transaction represents an approximate 8.7 per cent cap rate on 84 Lumber’s trailing twelve month rent obligation as of June 30, 2016.