May 24, 2007 9:49 AM

Angelo, Gordon & Co’s dedicated Net Lease Group (AG Net Lease) has completed a net lease transaction with Friendly Ice Cream Corp whereby AG Net Lease acquired the land and building in which the ice cream company operates and leases its mid-Atlantic regional distribution center for $6.4 million.

Founded in 1935, Friendly’s is a vertically integrated restaurant company serving sandwiches, entrees, and ice cream desserts in more than 510 company and franchised restaurants throughout the Northeast. The company also manufactures ice cream, which is distributed through more than 4,000 supermarkets and other retail locations. The roughly 85,000 square-foot York PA refrigerated warehouse facility serves the mid-Atlantic region for Friendly’s Restaurants.

Gordon J Whiting, managing director and senior portfolio manager of AG Net Lease, said, “We believe Friendly’s is at an inflection point as it assesses its strategic direction and invests in growth. We want to support Friendly’s in the endeavor over the long-term.”