Cabela's
NEW YORK CITY—Net lease broker B+E closed a $324 million sale leaseback for the retailer Bass Pro Shops for 11 of its Cabela's properties. The properties represent more than 1.6-million-square feet as well as an additional 277-acres of land.
The buyer is a Sansome Pacific joint venture. Bass Pro Shops, the seller, merged with Cabela's in 2017 and has been monetizing the real estate from that deal. The sale-leaseback term for this transaction is 25 years.
Camille Renshaw, CEO at B+E, tells GlobeSt.com that this is likely the largest commercial real estate transaction completed on a digital platform.
B+E began speaking with Bass Pro last fall, she says. The platform delivered a number of offers and ultimately the JV buyer, which consists of several parties, was sourced.
“This is the last tranche of real estate that Bass Pro and Cabela's owns,” Renshaw says—it's the last big sale leaseback you will see out of them.”
How B+E Works
B+E's brokers use artificial intelligence to track all active net lease listings on the US market in real-time. Currently there are roughly 4,100 NNN listings on the market, Renshaw reports. B+E also tracks the most active NNN buyers, much as stock and bond software tracks institutional investors. “The B+E Analyst team listens to earnings calls of publicly-traded owners, scours news articles and other resources, and manually records what money has been raised against the acquisition goals of NNN buyers.”
B+E's platform evaluates a buyer's past purchases, as well as current acquisition criteria and dollars raised that must be allocated within a given year, “which is a tremendous resource for sellers like Cabela's/ Bass Pro as we criteria-match their listings with buyers.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
