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Location:
Florida, Michigan, Ohio, Kansas and Illinois
Property Description:
The portfolio comprised a group of 12 buildings acquired
from Office Depot by Petco Animal Supplies (Nasdaq:PETC) as part
of a larger 124 building sale (former Kids R' Us stores) purchased
by Office Depot from Toys R’ Us.
Titan’s Mission:
- Office Depot had entered into a contract to
sell up to 12 of the buildings to Petco, but Petco did not want
to own real estate. Petco selected Titan Real Estate Investment
Group, Inc. as its assignee to purchase the buildings and execute
individual triple net leases for the properties.
Titan’s Strategy:
- To structure a successful sale/leaseback arrangement.
The circumstances were challenging: 11 of the 12 properties
were subject to ground leases, most were situated on the same
parcel with an operating Toys R Us store, all located within
larger community and power centers.
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Titan
Accomplished:
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Titan succeeded, thanks
to flexibility in dealing with a complex series of ground
leases and title issues and unparalleled ability to execute
quickly. |
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Petco Properties:
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SF |
| Miami International, Miami FL |
20,255 |
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| Pembroke Lakes, Pembroke Pines FL |
15,775 |
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| Plantation, Plantation FL |
22,000 |
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| Townline Commons, Vernon Hills IL |
22,000 |
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| Quivira 95 Shops, Overland Park KS |
22,000 |
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| West Oaks, Novi MI |
25,790 |
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| Sterling Hts, Sterling Hts MI |
20,594 |
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| Burlington Square, Taylor MI |
22,000 |
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| Boardman, Boardman OH |
22,000 |
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| Canton, Canton OH |
22,009 |
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| Mentor, Mentor OH |
20,000 |
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| Toledo, Toledo OH |
22,009 |
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