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Necessity Retail REIT Sells 44 Bob Evans Properties For $93M In Retail Portfolio Sale
SOLD
$93,000,000
Pennsylvania
See Similar DealsRetail
Sold 07/05/2023
SOLD
Necessity Retail REIT Sells 44 Bob Evans Properties For $93M In Retail Portfolio Sale
Kentucky
See Similar DealsRetail
Sold 07/05/2023
Summary
PENNSYLVANIA
Asset Type:Retail
Transaction Type:Sale
The Necessity Retail REIT, Inc has successfully sold 44 Bob Evans restaurant properties as part of its strategic plan to optimize its portfolio and reduce exposure to fast casual dining assets. The sale price for this portfolio of properties amounted to $93 million.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $93,000,000
- Address: Portfolio
- Market: Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia & Maryland
The seller in this transaction was Michael Weil, representing The Necessity Retail REIT, Inc. The sale of these Bob Evans restaurant properties aligns with their strategy to optimize their real estate holdings. By divesting from fast casual dining assets, they can focus on other areas of their portfolio.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,960,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$330,409.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$440,867.45
Annual Debt Service$5,290,409.36
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