CRIC CAPITAL ACQUIRES 5 GASMART USA PROPERTIES IN $18 MILLION SALE-LEASEBACK

Leading Net Lease Company Acquires High Volume Retail Properties from Rapidly-Expanding Convenience Store/Gas Station Operator

BOSTON — CRIC Capital, LLC, one of the nation’s leading investors in net leased and other credit real estate , entered into an $18 million sale-leaseback transaction with Fuel Service Mart USA, Inc., d.b.a. GasMart USA, a developer and operator of convenience stores. CRIC Capital acquired five convenience store/gas station properties in the Chicago market area. Pursuant to the terms of the net lease transaction, GasMart USA will lease back the retail properties under new 20-year, triple net leases.

The $18 million deal is the latest in CRIC Capital’s program to acquire more than $400 million of single-tenant properties across the U.S. and is the third portfolio acquisition for the company in the past two months.

“Recognizing our competitive advantages, we continue to focus on portfolio deals,” states John Gregorits, Principal of Prudential Real Estate Investors. “Our equity capital enables us to close quickly and efficiently offering the lessee a certainty and ease of execution for portfolios of non-credit but high-performing assets.”

This acquisition is part of GasMart USA ’s much larger acquisition from ConocoPhillips of 29 Chicago market stores, and follows its recent acquisition of 11 retail properties from ConocoPhillips in the Kansas City market. GasMart USA stores sell a combination of gasoline, food and merchandise and offer other products and services including ATMs and car washes. GasMart uses the ConocoPhillips brand name for gasoline sales, and its stores include large fueling areas in high-volume sale locations. The combined size of the five properties is 15,842 square feet.

“We are excited about this acquisition because it includes key locations of a rapidly expanding and very well-run company,” said Marjorie Palace, Principal of CRIC Capital, LLC. “Our acquisition includes three of the top-performing Chicago-area GasMart locations.” CRIC Capital plans to close other transactions of this nature in 2004.

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