Cumberland Farms has sold five sites in Berkshire County, Mass., for a combined sale price of $17.7 million, reported The Berkshire Eagle. This transaction comes as the latest step in a $1.5 billion sale-leaseback deal between EG Group and Realty Income, which also encompasses a $75 million deal in Rhode Island and a $73 million deal in Massachusetts.
According to documents filed at the Berkshire registries of deeds, five of Cumberland Farms’ outlets are involved in the transaction.
The chain has noted that the transaction will not affect employment levels at the stores, and all sites will continue to operate under the Cumberland Farms name.
The sale-leaseback deal between EG Group and Realty Income was expected to close during the second quarter of the year, which began April 2023.
Through the deal, The Berkshire Eagle reports that EG America of Westborough, Mass., will continue to operate the five Berkshire County, Mass., stores under lease agreements Obsidian ML 6 LLC, an affiliate of Realty Income Corp.
Three other convenience stores are involved in the overall transaction — Fastrac, Tom Thumb and Sprint. Cumberland Farms will account for the majority of the portfolio’s annualized contractual rent.
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.