$324M Sale-leaseback of 11 Cabela’s Stores, Largest CRE Sale by Digital Platform
B+E, the first brokerage and technology platform for net lease real estate, has brokered a sale-leaseback transaction for 11 Cabela’s locations for $324,335,000, representing more than 1.6 million square feet of space and additional 277 acres of land.
The 11-property portfolio spans 1.6 million square feet of space on 227 acres of land. Bass Pro Shops is based in Springfield, Missouri, while Cabela’s is based in Sidney, Nebraska. The specific locations of the 11 stores were not disclosed.
“Leveraging the largest dataset in net lease real estate, B+E delivered multiple, qualified buyers for Cabela’s to choose from,” said Camille Renshaw, CEO of B+E. “We are very excited to have closed what we believe is the largest commercial real estate sale ever brokered by a digital platform.”
The buyer is a Sansome Pacific joint venture, and the seller is Bass Pro Shops, which merged with Cabela’s in 2017. The sale-leaseback term is 25 years.
B+E uses artificial intelligence combined with senior people to track the most active buyers in the real-time, net lease market, much as stock and bond software tracks institutional investors. The algorithm evaluates a buyer’s past purchases, as well as current acquisition criteria and dollars raised that must be allocated within a given year. Co-founders Camille Renshaw and Scott Scurich were previously traditional net lease real estate brokers then later joined Ten-X, a Google Capital company. They launched B+E in 2017, and past experiences from both street brokerage and CRETech have influenced the technology that B+E continues to develop.
Photo courtesy of B+E