CRIC CAPITAL ACQUIRES 11 INDUSTRIAL/FLEX FACILITIES FROM PENHALL INTERNATIONAL CORP. IN $12 MILLION SALE-LEASEBACK

Net Lease Company Acquires Portfolio of Properties from Leading Construction Services Company

BOSTON — CRIC Capital, LLC, one of the nation’s leading investors in net leased and other credit real estate, has entered into a $12 million sale-leaseback with Anaheim, CA-based Penhall International Corp., a leading construction services company. CRIC Capital acquired 11 industrial/flex facilities located throughout the southwestern and western United States, including Arizona, California, Colorado, Nevada and Texas. Under the terms of the transaction, Penhall will lease back the facilities under 20-year, triple net leases.

The $12 million deal is the latest in CRIC Capital’s program to acquire more than $400 million of single-tenant properties across the U.S. The closing follows right on the heels of CRIC Capital’s $65.4 million acquisition of 26 Applebee’s Grill and Bar® restaurants from Apple American Group.

“The industrial/flex properties are an excellent addition to our inventory,” says John Gregorits, Principal of Prudential Real Estate Investors. “This acquisition demonstrates our continuing ability to execute efficiently on portfolio acquisitions of all asset types across a wide range of industries.”

Penhall International was founded in 1957 and is one of the largest operated equipment rental providers in the United States. Penhall stands out among other rental equipment companies by providing specialized services in connection with infrastructure projects through renting equipment along with skilled operators on an hourly, fixed-price quote basis. Penhall employs more than 800 skilled operators and has 736 units in its diverse operated equipment rental fleet and provides its services to 49 of the 50 states. The company specializes in a wide range of construction activities including new construction, demolition, highway rehabilitation, end project engineering, in addition to equipment renting.

“The transaction was a win-win for everyone involved,” states Marjorie Palace, Principal of CRIC Capital, LLC. “Penhall was able to redeploy valuable capital that it had tied up in its real estate while CRIC Capital benefitted by adding solid performing industrial assets to our portfolio.”

CRIC Capital, LLC combines the pioneering net leasing professionals of Boston-based Corporate Realty Investment Company L.L.C. with Prudential Real Estate Investors, the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU). CRIC Capital purchases real estate from and leases it back to investment grade and select below-investment grade companies through a variety of customized net leases. Net lease transactions allow corporations and organizations to strengthen their financial positions and free up capital to reinvest in their core business.

Contact:
Victoria Nessen Kohlasch
CRIC Capital, LLC
617-388-9862
vkohlasch@criccapital.com