PHILADELPHIA — Pep Boys has closed on the sale of 23 properties for an aggregate purchase price of $74.3 million. In conjunction with the sale, the company entered into agreements to lease the properties back to be operated as Pep Boys stores for a lease term of 15 years with four five-year options.

Proceeds of the sale will be used to pay off debt.

Chief Financial Officer Harry Yanowitz said, “We are pleased to announce this transaction, the third such transaction designed to monetize our real estate assets and reduce debt. We continue to be pleased with the terms on which we have been able to execute these transactions and the values embedded in our owned properties.”

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