As of May 23, 14 Cumberland Farms properties have been purchased by Realty Income Corp. for a total of $72.7 million, part of a $1.5 billion sale-leaseback deal between EG Group and Realty Income. Realty Income plans to buy 116 convenience store properties in Massachusetts, reported Worcester Business Journal (WBJ).
WBJ noted the 14 Massachusetts sites are located in Athol, Auburn, Brookfield, Grafton, Hardwick, Lancaster, Leicester, Northborough, Pepperell, Southborough, Sturbridge, Templeton and Westminster.
EG Group will continue to operate the Cumberland Farms locations, as well as the rest of the portfolio of sites involved in the deal. The portfolio comprises 415 store assets under the Cumberland Farms, Fastrac, Tom Thumb and Sprint banners.
“Approximately 80% of the total portfolio annualized contractual rent is expected to be generated from properties in the Northeast U.S., including approximately 116 properties in Massachusetts, 87 properties in New York and 74 in Florida, which are the top three representative states in the portfolio. Over 80% of the total portfolio annualized contractual rent is expected to be generated from properties operated under the Cumberland Farms brand,” Realty Income stated in an earlier press release.
Founded in 2001 by the Issa Family, United Kingdom-based EG Group is a petrol forecourt retail convenience operator which has established partnerships with global brands. EG Group currently employs about 50,000 colleagues working in more than 6,200 sites across the U.K. and Ireland, Europe, U.S., and Australia.