Porter Hedges Represents Par Pacific Holdings in $116M Sale-Leaseback of 22 Retail Convenience Store Properties located in Hawaii
Porter Hedges represented Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific") in a sale-leaseback transaction with a subsidiary of Realty Income Corporation, a publicly-traded real estate investment trust (“Realty Income”).
At closing, Par Pacific will sell twenty-two (22) retail convenience store/fuel station properties located in the State of Hawaii (the “Properties”) to Realty Income for an aggregate cash purchase price of $116,100,000. Concurrently with the consummation of the sale, Par Hawaii, LLC, as tenant, will enter into a master lease to leaseback, on a commercial triple-net basis, the Properties for an initial 15-year term, subject to Par Pacific's option to extend the lease for up to an additional twenty (20) years.
Par Pacific Holdings, Inc., headquartered in Houston, Texas, owns and operates market-leading energy, infrastructure, and retail businesses. Par Pacific's strategy is to acquire and develop businesses in logistically complex markets.
For additional information, please see the Par Pacific press release here.