PHILADELPHIA -- Pep Boys has agreed to sell, subject to the satisfaction of certain closing conditions, 34 properties for an aggregate purchase price of $166.2 million.

Immediately following the consummation of such sales transaction, the company intends to lease the properties back to be operated as Pep Boys stores, for a term of 15 years, with four five-year options.

The sale is expected to close before the end of November. The company said it expects to utilize the sale proceeds to repay indebtedness.

Chief Financial Officer Harry Yanowitz said, “We are pleased to announce this transaction, which represents the first step in our efforts to monetize our real estate assets and lighten our balance sheet.”

For more information about Pep Boys, visit: www.pepboys.com.