HFF Arranges Sale-Leaseback of 41-Property Portfolio
- Oct 05, 2018
HFF has closed the sale-leaseback of a 41-property portfolio comprising mission-critical distribution centers and commercial properties located in California, Nevada, Missouri and Arkansas. The assets are fully leased to the seller, Meek’s Lumber and Hardware, and encompass more than two million square feet. The sale-leaseback occurred at the same time as the sale of the company itself to Angeles Equity Partners.
The assets are mostly distribution centers with a retail component, while others include manufacturing facilities, a design center and the headquarters office building in Springfield, Mo. Twenty-three of the properties are located in Missouri, 10 in California, six in Arkansas and two in Nevada, representing the entirety of the company’s operational real estate.
The HFF investment sales team included Directors Nick Foster and Michael George, Senior Managing Director Coler Yoakam and Nevada Broker Jules Sherwood. In June, Yoakam and George were part of a team that arranged the $13.4 million sale and $8.5 million acquisition financing of a retail property in Wexford, Pa.
“We were happy to work alongside the Meek’s Family to see this through. They built an incredible company over generations, which really drove demand for the portfolio since each asset will now be leased by Meek’s,” Foster told Commercial Property Executive. “We also look forward to seeing how the company evolves and grows under new sponsorship.”
Image courtesy of HFF