CBRE has arranged a sale-leaseback of 13 free-standing grocery stores leased to Harp’s Foods Stores, Inc. totaling 459,525 square feet.
Harps sold the portfolio to New Jersey-based Essential Properties for more than $30.1 million. The stores sold are located in Arkansas and Missouri.
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.
Will Lightfoot and Jason Little with CBRE in Oklahoma City and David Erstine and Hunter Groce with CBRE in Fayetteville represented the seller in the transaction. Since 2015, CBRE has assisted Harps in sale-leaseback transactions totaling $110 million.
Harp’s Food Stores, Inc., based in Springdale, Arkansas, is a chain of 113 supermarkets across Arkansas, Oklahoma, Missouri and Kansas. Harps is the largest employee-owned company headquartered in Arkansas and the 20th largest in the United States.