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Wednesday, 10 November 2010

Winstanley Paying $89.8Mln in Sale-Leaseback with A&P

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Winstanley Enterprises has agreed to pay the Great Atlantic & Pacific Tea Co. $89.8 million for six stores that it will lease back to the Montvale, N.J., grocery-store operator also known as A&P.

The sale-leaseback transactions for five of the properties have already closed and the remaining deal is expected to be completed soon.

Three of the six properties, whose 329,000 square feet of retail space is 95 percent occupied by A&P's Pathmark brand operations, are located in New York, in Seaford, Queens and Baldwin. The others are in Upper Darby, Pa., Wilmington, Del., and Lawnside, N.J.

The sales are part of an ongoing restructuring by A&P. "We continue to analyze areas across the business to identify ways such as these to further strengthen our financial foundation," said Sam Martin, chief executive.

Winstanley is a Concord, Mass., property investor that owns a variety of property types along the eastern United States.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.

Copyright © 2010 Commercial Real Estate Direct


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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Retail
  • Subject: Property Acquisitions (ACQ)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
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