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The sale-leaseback transaction, nearly dormant in 2020, is coming back in vogue as investors search the pandemic-riddled landscape for yield while cash-strapped tenants hunt for capital infusions.
Often parties with these two convergent interests find a solution in sale-leaseback transactions, or deals where businesses sell off properties to commercial real estate investors and then lease the same spaces back as tenants. I would say the current backdrop is incredibly conducive for sale-leasebacks right now, SLB Capital Advisors Managing Partner Scott Merkle said. I would go as far as to say the market is really on fire.
Sale-leaseback activity picked up in the past several months after declining during the coronavirus pandemic. The deal type reached a trough in the third quarter of 2020 and then rose again with data from SLB Capital showing there was $3.1B worth of sale-leaseback activity nationwide in the fourth quarter of 2020, up from just shy of $2B in Q3 and $2.7B i
Hawaii A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million.
The portfolio includes 12 properties in Oahu, two facilities on Kauai, four properties on Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple net basis.
D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net Lease Capital Markets, in cooperation with Jackson Nakasone of NAI CBI Hawaii, represented the seller in the transaction.