Also, the company stated that the 20-year triple net leases
for the properties include fixed annual 2% rent escalations as well and Forterra was represented on the transaction by Brian Scott and Andrew Sandquist of CBRE.
The properties, all of which are occupied under long-term triple net leases
with Walgreens, were acquired for approximately $100 million.
The triple net leases
are all guaranteed by Alimentation Couche-Tard, an investment grade company rated by Standard & Poor's (BBB-).
The others, both new buildings in their fill-up phases, were structured as triple net leases
with an option to buy.
Luskoff was Underwriting Counsel with First American Title Insurance Company where she underwrote a plethora of major commercial and residential real estate transactions, involving purchases, refinances, triple net leases, transfer of development rights, Attorney General packages, condominium formation, acquisition loans, project loans, construction loans and modifications, mechanics liens, life estates, partner disputes and title defects among a host of other issues affecting real property all over New York State.
In such capacity, she represented builders, developers, entities, individuals, estates and not-for-profit organizations in acquisitions, financings, sales and triple net lease transactions.
But the strength of many triple net leases
is that a strong, long-term tenant is secured for 10 or 15 years, with a fixed rent that is not susceptible to dips in the economy.
The borrower had a long term hold strategy and wanted to obtain a low fixed rate, long-term, non-recourse loan as supported by the two long-term, triple net leases
at the property.
Citizens and Charter One will continue to operate in the acquired properties under triple net leases
with initial terms of five or fifteen years.