{"id":1004207039,"date":"2018-02-14T05:32:20","date_gmt":"2018-02-14T13:32:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207039"},"modified":"2022-12-08T23:46:24","modified_gmt":"2022-12-09T07:46:24","slug":"brennan-arch-street-team-up-for-sale-leaseback-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brennan-arch-street-team-up-for-sale-leaseback-deal\/","title":{"rendered":"Brennan, Arch Street Team Up for Sale-Leaseback Deal"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004207064\" style=\"width: 359px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/BlueLinx.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004207064\" data-attachment-id=\"1004207064\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/brennan-arch-street-team-up-for-sale-leaseback-deal\/bluelinx\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/BlueLinx.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Sarah Brennan&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1518531566&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"BlueLinx\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/BlueLinx.jpg?w=800\" class=\"wp-image-1004207064 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/BlueLinx.jpg\" alt=\"BlueLinx\" width=\"349\" height=\"271\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/BlueLinx.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/BlueLinx.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/BlueLinx.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 349px) 100vw, 349px\" \/><\/a><p id=\"caption-attachment-1004207064\" class=\"wp-caption-text\">BlueLinx<\/p><\/div>\n<p>Brennan Investment Group LLC and Arch Street Capital Advisors LLC, continue adding to their growing portfolio of single-tenant, net-leased industrial assets, with the sale-leaseback acquisition of a four-building industrial portfolio from BlueLinx Corp.<\/p>\n<p><em>\u201cWe acquired four strategically important facilities of BlueLinx, an established tenant with long-term commitment to the areas. The acquisition is consistent with our investment objective of providing stable, long-term cash flow for our investors,\u201d<\/em> Scott McKibben, Brennan chief investment officer, said in a prepared statement.<\/p>\n<p>The portfolio is located in four states and totals 2.3 million square feet with properties in several top markets in the United States, including Boston, Raleigh-Durham, Atlanta and Washington, D.C. The assets are<\/p>\n<ul>\n<li>419 Maple St., Bellingham, Mass.<\/li>\n<li>1712 E. D. St., Butner, N.C.<\/li>\n<li>200 Hosea Rd., Lawrenceville, Ga.<\/li>\n<li>4300 George Pacific Blvd., Frederick, Md.<\/li>\n<\/ul>\n<p>BlueLinx, an Atlanta-based distributor of building and industrial product in the U.S. that operates through a broad network of distribution centers, stated in a filing with the Securities and Exchange Commission that it sold the four properties for an aggregate cash purchase price of $110 million. The company agreed to lease back the four assets for 15 years each with multiple renewal options of varying lengths, according to the SEC 8-K document. BlueLinx noted in a news release that it used the funds to pay off the remaining principal on its 2006 CMBS mortgage of approximately $98 million. The company now owns 33 facilities but stated it will <em>\u201ccontinue to engage in discussions regarding additional opportunities to monetize our real estate.\u201d<\/em><\/p>\n<h2>Calculated Move<\/h2>\n<p>For Brennan and Arch Street, which participated in the joint venture on behalf of a client, the BlueLinx portfolio boosts their single-tenant net-leased industrial holdings to over $1 billion since 2011.<\/p>\n<p><em>\u201cOver the past seven years, Arch Street and Brennan have been very active investors in the single-tenant net-leased industrial space and have developed an expertise for originating, evaluating, acquiring and financing single-tenant net-leased industrial assets,\u201d <\/em>Anup Patel, Arch Street president &amp; chief investment officer, said in a prepared statement.<\/p>\n<p>Robert Vanecko, Brennan\u2019s managing principal and head of the firms\u2019 single-tenant net-lease division, said the latest acquisition <em>\u201cdemonstrates the breadth and depth of our net lease platform.\u00a0<\/em><em>We have the ability to both acquire large portfolios as well as aggregate individual long-term net lease assets,\u201d<\/em> Vanecko added in a prepared statement<em>. \u201cWe have a strong appetite for additional properties that meet our criteria.\u201d<\/em><\/p>\n<p>The joint venture seeks investments in the top 100 U.S. markets with remaining lease terms of at least 10 years. They also like \u201cmission-critical\u201d properties with significant facility investment by the tenant and will look at all industrial types including manufacturing, distribution, assembly and R&amp;D.<\/p>\n<p>Last month, the joint venture acquired a <a href=\"https:\/\/www.commercialsearch.com\/news\/brennan-jv-acquires-ga-industrial-asset\/\">single-tenant distribution center in Canton, Ga.,<\/a> at 4350-4360 Ball Ground Highway. The 477,152-square-foot facility is occupied by online furniture retailer Belnick Inc. In November, the firms purchased an 86,460-square-foot industrial facility in Oakdale, Minn., that is the headquarters of Total Logistics.<\/p>\n<p><em>Photo courtesy of\u00a0Brennan Investment Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Located in four East Coast states, the properties total 2.3 million square feet. The BlueLinx portfolio boosts the JV&#8217;s single-tenant net-leased industrial holdings to more than $1 billion.<\/p>\n","protected":false},"author":1068,"featured_media":1004207064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,21742],"tags":[37542,33335,33707],"class_list":["post-1004207039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-latest","tag-arch-street-capital-advisors","tag-brennan-investment-group","tag-scott-mckibben"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brennan, Arch Street Team Up for Sale-Leaseback Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brennan-arch-street-team-up-for-sale-leaseback-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brennan, Arch Street Team Up for Sale-Leaseback Deal\" \/>\n<meta property=\"og:description\" content=\"Located in four East Coast states, the properties total 2.3 million square feet. 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