Sale believed to be largest commercial real estate transaction brokered by a digital platform; Eleven Cabela’s properties sold, representing more than 1.6 million square feet of space and additional 277 acres of land.
NEW YORK, NY, May 31, 2019 /24-7PressRelease/ — B+E, the first brokerage and technology platform for net lease real estate, today announced that it has brokered a sale-leaseback transaction for 11 Cabela’s locations for $324,335,000.
“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.
B+E is a modern investment brokerage firm, specializing in net lease real estate. The firm helps clients buy and sell single tenant real estate. Founded by deeply experienced brokers, B+E redefines trading through an intuitive end-to-end transaction platform comprising of user-friendly dashboards and an AI-driven exchange — all leveraging the largest data set in the net lease industry. Complementing senior talent with exceptional technology, B+E’s proprietary process affords greater speed, unrivaled transaction efficiencies, and stronger asset value. With offices in New York, Chicago, Atlanta, Tampa and San Francisco, its brokers trade property for clients across the US. B+E allows virtually anyone to confidently trade net lease real estate.
About Cabela’s/ Bass Pro Shops
Bass Pro Shops is North America’s premier outdoor and conservation company. Founded in 1972, when avid young angler Johnny Morris began selling tackle out of his father’s liquor store in Springfield, Missouri, today the company provides customers with unmatched offerings spanning premier destination retail, outdoor equipment manufacturing, world-class resort destinations, and more. In 2017, Bass Pro Shops acquired Cabela’s to create a “best-of-the-best” experience with superior products, dynamic locations and outstanding customer service. Bass Pro Shops also operates White River Marine Group, offering an unsurpassed collection of industry-leading boat brands, and Big Cedar Lodge, America’s Premier Wilderness Resort. Under the visionary conservation leadership of Johnny Morris, Bass Pro Shops is a national leader in protecting habitat and introducing families to the outdoors and has been named by Forbes as “one of America’s Best Employers.”
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