CRIC CAPITAL ACQUIRES 6 LA-Z-BOY RETAIL PROPERTIES IN

SALE-LEASEBACK TRANSACTION

Leading Net Lease Company Acquires Large Per Unit Retail Portfolio in the Michigan

BOSTON — CRIC Capital, LLC, one of the nation’s leading investors in net leased and other credit real estate, acquired six La-Z-Boy Showcase Shoppes of Detroit retail Michigan properties.  At an average purchase price of more than $4 million per store, this acquisition falls at the high end of the range of individual asset cost of the many franchise portfolios CRIC Capital has acquired in the past 12 months.

“The extraordinary management history of La-Z-Boy owner Paul E. Opfermann impressed CRIC,” says Marcy Axelrad, Principal of CRIC Capital, LLC.  “The depth of his operational experience coupled with the quality of the real estate, and strength of the national brand made this a very attractive deal for us.”

Seeking to diversify his personal interests, Paul Opfermann pursued a net lease transaction to position his franchise for growth.  He hired John Hammill of the Staubach Company to find the right partner to complete the deal.

“Paul’s goal to diversify his personal interests and capitalize on the current market conditions made this the perfect time to complete a sale-leaseback transaction,” stated John Hammill, Vice President of Staubach Investment Sales.  “This deal has the three key elements that made it successful: outstanding real estate, strong leases and the commitment of a net lease investor with the track record of delivering on its promises and closing without problems.”

About La-Z-Boy

Mr. Opfermann’s early La-Z-Boy family connections and college job in its Monroe, MI marketing department headquarters led him to open the first La-Z-Boy franchise in the United States when the company decided to start its proprietary store concept in 1975.  Over the years, he has expanded the Detroit area franchise to include six retail stores and a distribution center.  The six stores have become La-Z-Boy Galleries, offering not only the famous rocker recliners the company is known for, but also designer services and attractive room arrangements, complete with accessories and kids’ furniture.

About CRIC Capital, LLC

CRIC Capital, LLC combines the pioneering net leasing professionals of Boston-based Corporate Realty Investment Company L.L.C. with Prudential Real Estate Investors, the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU).  CRIC Capital purchases real estate from and leases it back to investment grade and select below-investment grade companies through a variety of customized net leases.  Net lease transactions allow corporations and organizations to strengthen their financial positions and free up capital to reinvest in their core business.  Additional information about CRIC Capital is available on the company’s website at www.criccapital.com.

Contact:
Victoria Nessen Kohlasch
CRIC Capital, LLC
617-388-9862
vkohlasch@criccapital.com