SAN FRANCISCO—HFF has closed the sale leaseback of a three-property, four-building, mission-critical, industrial portfolio 100% occupied by PrideSports and totaling 241,890 square feet. The properties are located in Burnham and Guilford, ME, and in Florence, WI.
HFF marketed the portfolio on behalf of the seller, Centre Partners Management LLC, which is acquiring PrideSports as the firm expands their portfolio company, Medalist Corp. The buyer entered into 20-year, absolute triple-net leases with the seller.
PrideSports is a leading designer and manufacturer of sports equipment, accessories and other complementary products. The buildings included in the sale are all currently occupied by PrideSports and are located at 10 North Main Street in Burnham, Maine; 169 Water Street in Guilford, Maine; and 5794 In Com Drive in Florence, Wisconsin. The 184,890-square-foot Burnham property consists of one industrial warehouse and manufacturing building with up to 40' ceiling heights and 20,000 square feet of mezzanine office space. The Guilford industrial warehouse is an 18,000-square-foot building with 1,300 square feet of mezzanine space and 16' ceiling heights. The two-building Florence property has a storage facility and a light manufacturing facility with 20' ceiling heights and totals 39,000 square feet including 5,000 square feet of office space.
The HFF investment sales team representing the seller was led by managing director Scott Pertel and associate director Nick Foster.
"PrideSports has a commanding market share position in the golf accessory industry," Pertel said. "These properties are critical to the design, production and distribution of their products. This sale leaseback was accretive to both Centre Partners and the buyer, a true win for both parties. Demand for mission-critical sale leaseback product remains robust, and we perceive that demand to remain consistent throughout 2016."
Centre Partners Management LLC (Centre Partners), founded in 1986, is a leading private equity firm with a middle market focus that seeks to make acquisitions and equity investments alongside management teams who have or desire to have a meaningful economic stake in the future success of their businesses. Centre Partners has invested over $2 billion in more than 70 transactions, partnering with management teams across a broad spectrum of industries.
Medalist Corp. (Medalist) manufactures and markets branded and co-manufactured products in the sporting goods sector. The company was founded in 2014 and is based in San Diego.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
