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The Great Atlantic & Pacific Tea Co. Inc. (A&P) said it would sell six Pathmark stores for $89.8 million, excluding closing costs, under a sale-leaseback agreement entered into with Winstanley Enterprises LLC and some of its affiliated entities.
Concord, Mass.-based Winstanley agreed to buy 100 percent of the company's interest in the stores, which comprise about 329,000 square feet and are located in New York, New Jersey, Pennsylvania and Delaware. The properties are 95 percent occupied and leased to Montvale, N.J.-based A&P.
"This agreement is another step forward in our comprehensive turnaround strategy,” noted A&P president and CEO Sam Martin. “We continue to analyze areas across the business to identify ways such as these to further strengthen our financial foundation and improve our performance.”
The sale-leaseback transaction regarding five of the six properties has already closed, while the deal on the sixth property is expected to close later this week.
A&P operates 395 stores in six states and the District of Columbia under the following banners: A&P, Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Fresh and Food Basics.