The Necessity Retail REIT Goes and Sells $70M of Stop & Shops
New York, NY-based The Necessity Retail REIT, Inc. has closed on the sale of four properties leased to Stop & Shop in MA and RI for a total of $70 million.
“The sale of this portfolio is an example of our commitment to strategically dispose of assets that have reached their full value, as demonstrated by the favorable pricing we received,” said Michael Weil, CEO of The Necessity Retail REIT, Inc., a publicly traded real estate investment trust. “The net proceeds generated by this sale will be used to further reduce debt as we continue to execute on our previously announced leverage reduction initiative. We continue to pursue the strategic sale of select properties as we focus on optimizing our balance sheet and on building a pipeline of similarly favorable dispositions.”
The Necessity Retail REIT acquires and manages a portfolio of primarily necessity-based retail single tenant and open-air shopping center properties in the US.