Minnesota-based AEI Fund Management has purchased a Tractor Supply store property in Tupelo, Mississippi within the AEI commercial net leased real estate investment funds.
Minnesota-based AEI Fund Management has purchased a Tractor Supply store property in Tupelo, Mississippi within the AEI commercial net leased real estate investment funds.
AEI commercial net leased real estate investment funds currently have over USD32.0m allocated to Tractor Supply tenanted long-term net leased properties.
‘The addition of yet another Tractor Supply store to AEI commercial net leased real estate funds confirms our strategy of owning high quality net leased properties with tenants that are the leaders in the vertical that they operate in,’ says George Rerat, managing director of acquisitions at AEI Fund Management.
‘Tractor Supply is an excellent tenant and we are pleased to add this property to our portfolio. Net leases with a primary term of a decade or longer bridge economic and real estate cycles, protecting our investors’ capital.’
This store is a 20,000 sq. ft. building situated on a pad at the 700,000 sq. ft. super-regional mall, The Mall at Barnes Crossing.
Tupelo is north-eastern Mississippi’s economic hub, with a diverse, well-educated workforce and strong manufacturing base. Toyota’s Wellspring Plant, a USD1.3bn plant, is scheduled to open between 2010 and 2011. The plant is situated on 1,700 acres and is scaled to produce over 150,000 units annually and will add over 8,000 jobs with an expected USD310m payroll.
The property was purchased as part of AEI’s continuing investment strategy, using all-cash without debt, to acquire net leased commercial real estate with long-term net leases to major credit tenants in prime locations.
Tractor Supply is a retail farm and ranch store chain that operated 855 stores in 44 US states at the end of last year. The company’s stores are focused on supplying the lifestyle needs of recreational farmers and ranchers.
