Capital Automotive REIT has announced the
acquisition of nine automotive retail properties for approximately $102.4 million from CarMax, a division of Circuit City Stores, Inc.
Capital Automotive Closes $102.4 Million Deal with CarMax
by Staff
August 16, 20011 min to read
This acquisition added about 413,000 square feet of buildings and improvements on approximately 116 acres of land in seven
states (California, Florida, Maryland, South Carolina, Tennessee, Texas and Virginia). Eight used-car superstores and five new-car franchises are operated on these nine properties including Toyota, Mitsubishi and Nissan.
These properties have initial lease terms of 15 years and have multiple renewal options.
The transaction was funded with the net proceeds from Capital Automotive's underwritten public equity offering that closed on Aug. 8, 2001 and the remainder with long-term debt from Toyota Financial Services.
In a press release Aug. 15, CarMax said the transaction is on a standalone basis, at competitive rates and without any guarantees from parent company Circuit City Stores Inc.
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