Lake Como-based Four Springs Capital Trust, a real estate investment trust, announced Thursday it has acquired two automotive service centers.
They are a collision repair center in Bloomington, Minnesota, which is leased to an ABR Auto Body & Glass company, and a AAA Tire & Service Center in Milford, Ohio.
Four Springs said it plans to create a portfolio of the two properties through its Delaware Statutory Trust program designed for investors participating in Section 1031 tax deferred real estate exchanges.
“Automotive service centers are a business sector that is largely immune from disintermediation by the Internet,” Coby Johnson, president and chief operating officer of Four Springs. “You simply can’t get an oil change or tires replaced online, so we see great value in well-located properties leased on a long-term basis to creditworthy tenants.”
Financial terms were not disclosed.