Pep Boys to Sell Properties for $166.2M

Philadelphia, Pep Boys—Manny, Moe & Jack said Friday it has agreed to sell 34 properties for $166.2 million.

The company said after the sale, it will lease the properties back to be operated as Pep Boys stores for a term of 15 years, with four five-year options.

Pep Boys said it will use the proceeds of the sale to repay loans. The sale is expected to close before the end of November.