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Pilot Travel Center in Birmingham, AL

Pilot Travel Center in Birmingham Drives a $9M Sale-Leaseback

Stan Johnson Company has completed the sale-leaseback of a Pilot Travel Center on Bankhead Highway West in Birmingham, AL. The 9,790-square-foot convenience store sold for approximately $9.4 million reflecting a 7.0 percent cap rate.

Matt Lipson and Mike Philbin of Stan Johnson Company represented the buyer, Brodersen Management Corporation. The seller was Acworth, GA-based Mountain Express Oil Company.

“The tenant was purchasing a location from Pilot and rather than use traditional business financing, they found a real estate buyer to help fund the acquisition,” said Lipson. “Since you have to merge an asset purchase agreement with the purchase and sale agreement to ensure a simultaneous close, structuring a sale leaseback to fund an M&A is slightly more challenging than a typical net lease transaction.”

The property was originally built in 1995 and includes a Wendy’s quick service restaurant on-site. The 7.4-acre parcel is located just north of Interstate 20 at a signalized intersection.

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Inside The Story

Stan Johnson Company’s Lipson

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Financing
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