CBRE Arranges $30.1M Sale-Leaseback of Grocery Store Portfolio Across Arkansas, Missouri
SPRINGDALE, ARK. — CBRE has arranged a $30.1 million sale-leaseback of 13 freestanding grocery stores leased to Harps Foods Stores Inc. totaling 459,525 square feet in Arkansas and Missouri. Harps sold the portfolio to New Jersey-based Essential Properties Realty Trust Inc. Will Lightfoot, Jason Little, David Erstine and Hunter Groce of CBRE represented the seller in the transaction. Since 2015, CBRE assisted Harps in sale-leaseback transactions totaling $110 million.
All 13 properties were sold subject to new, long-term net leases with Harps and will continue to operate under Harps-operated brands, including Harps Food Stores and 10Box. The sale will not affect store operations in any way.
Harp’s Food Stores Inc., based in Springdale, is a chain of 113 supermarkets located across Arkansas, Oklahoma, Missouri and Kansas. In 2001, the company did a leveraged buy-out with the Employee Stock Ownership Plan (ESOP) purchasing outstanding stock from the family and management. Harps is the largest employee-owned company headquartered in Arkansas and the 20th largest in the United States.