$41.8 Million Acquisition of Car Wash FacilitiesNews | May 1, 2015
Kutak Rock recently advised one of the firm’s national real estate investment trust (REIT) clients, STORE Capital Corporation, in connection with a $41.8 million purchase and leaseback transaction involving 19 car wash facilities across five states: Arkansas, Louisiana, Oklahoma, Tennessee and Mississippi. The transaction closed on March 16, 2015.
STORE Capital Corporation will lease the properties to the current operators pursuant to a long-term master lease covering all 19 facilities. Kutak Rock assisted the REIT with all aspects of the transaction, including the negotiation of the purchase agreement, master lease and all related documentation, as well as the analysis of all due diligence reports.
STORE Capital Corporation is one of the largest net-lease REITs in the nation. Based in Scottsdale, Arizona, the company partners with business owners to increase capital through creative lease financing solutions.