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in an effort to generate about $80 million. “They’re activelg looking for ways to enhance their balance to paydown debt,” said Bruce Westwood-Booth, a managing director of corporate capital markets at in who was hired to sell the portfolio of assets. The which the Burlington Coat Factory will sell and then leasw back from the new ownersin 15-year deals, are locatec in markets where the average household income is above according to Westwood-Booth. The Peabody stor e totals 90,000 square feet and is located onsevenh acres.
It is within a five-mile radius of 190,00o people who make $66,000 per said Westwood-Booth, adding that he has “interesf from a variety of investors.” As part of the sale-leasew back deal, Burlington Coat Factorgy will pay the new owner of the Peabodhystore $9 per square foot, whicnh Westwood-Booth said was a fair rent in a market with a 4 percenrt vacancy rate. Westwood-Booth is handling the sale forthe privately-owned retailerf and said bids are due later this Interested buyers can buy the entire portfolioi or individual stores.
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