REIT Buys Three Schnucks Stores

Three St. Louis-area Schnucks stores are part of a $71.4 million acquisition announced today by Inland Diversified Real Estate Trust of Oak Brook, Ill.

Inland Diversified describes the stores as high-sales operations that have new 15-year leases with multiple renewal options. The new owner adds that the stores are triple-net leased properties. That means the tenants pay rent, plus are responsible for property taxes, insurance and upkeep.

The stores are at 5055 Arsenal Street–the Hill store–3432 South Grand Boulevard and 1181 Gannon Plaza, in Festus. Inland Diversified said it paid $22.6 million for the three stores, which Schnucks will continue to occupy in a sale-leaseback transaction.

Read more on St. Louis Post-Dispatch.

Photo courtesy of Creative Commons

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