{"id":1004328278,"date":"2019-05-31T04:54:37","date_gmt":"2019-05-31T12:54:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004328278"},"modified":"2019-05-31T05:55:07","modified_gmt":"2019-05-31T13:55:07","slug":"bass-pro-shops-sells-11-cabelas-locations-for-324m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/","title":{"rendered":"Bass Pro Shops Sells 11 Cabela\u2019s Locations for $324M"},"content":{"rendered":"<div id=\"attachment_1004328302\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Cabela-exterior.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004328302\" data-attachment-id=\"1004328302\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/cabela-exterior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Cabela-exterior.jpg\" data-orig-size=\"300,225\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&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=\"Cabela exterior\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Exterior view of a Cabela&#8217;s store. Image courtesy of B+E&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Cabela-exterior.jpg?w=300\" class=\"wp-image-1004328302 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Cabela-exterior.jpg\" alt=\"\" width=\"300\" height=\"225\"><\/a><p id=\"caption-attachment-1004328302\" class=\"wp-caption-text\">Exterior view of a Cabela&#8217;s store. <em>Image courtesy of B+E<\/em><\/p><\/div>\n<p>A joint venture led by Sansome Pacific Properties has acquired 11 Cabela\u2019s locations from Bass Pro Shops for $324.3 million in a sale-leaseback deal brokered by B+E. It is believed to be the largest commercial real estate transaction brokered by a digital platform.<\/p>\n<p>The properties encompass more than 1.6 million square feet of space with an additional 277 acres of land. The sale-leaseback term for the assets is 25 years. The locations of the stores were not released. Bass Pro Shops, a privately-held retailer of outdoor recreation merchandise and North America\u2019s premier outdoor and conservation company, acquired the rival Cabela\u2019s sporting goods chain in September 2017 in a $5.5 billion deal.<\/p>\n<p>Paul Souza, a Sansome Pacific principal &amp; co-founder, told <em>Commercial Property Executive<\/em> the San Francisco-based real estate investment firm pursued sale-leaseback deals with Bass Pro Shops when the merger happened in 2017.<\/p>\n<p><em>\u201cWe didn\u2019t make a deal. We got beat out, frankly. Here we are now as it all came together<\/em>,\u201d he told <em>CPE. <\/em><em>\u201cThey\u2019re a very unique retailer. As much as we are generally running away from big box retail, we are very bullish on the credit, the operators, the people behind the company,\u201d<\/em> Souza said. <em>\u201cThey are one of one. They don\u2019t compare with anyone else. Lots of other tenants sell similar stuff but they don\u2019t have the experience and the business model.\u201d<\/em><\/p>\n<p>For both Sansome Pacific and Bass Pro Shops, the sale-leaseback transaction is the first time both entities have worked with B+E, a brokerage and technology platform for net lease real estate that was <a href=\"https:\/\/www.commercialsearch.com\/news\/first-nnn-technology-trading-platform-debuts\/\">launched in December 2017<\/a> by co-founders Camille Renshaw and Scott Scurich. B+E, which has offices in New York, San Francisco, Chicago, Atlanta and Tampa, Fla., uses artificial intelligence combined with senior people to track the most active buyers in the real-time, net-lease market. B+E was created specifically for trading NNN property from origination to close, backed by the largest NNN data set in the industry.<\/p>\n<h2><strong>B+E\u2019s growth<\/strong><\/h2>\n<p>Renshaw, B+E\u2019s CEO, told <em>CPE<\/em> the firm\u2019s average net lease transaction is about $5.5 million. Smaller deals tend to be <a href=\"https:\/\/www.commercialsearch.com\/news\/distribution-center-in-oh-acquired-in-1031-exchange\/\">1031 exchanges,<\/a> she noted.&nbsp; Prior to the Cabala\u2019s deal, B+E\u2019s previous largest transaction was a $76 million sale-leaseback. She declined to name the entities involved in that deal.<\/p>\n<p>Before founding B+E, Renshaw and Scurich both worked for Ten-X, the nation\u2019s leading commercial real estate marketplace that enables investors and brokers to buy and sell properties online. They believe that prior to the Cabela\u2019s sale-leaseback deal with the Sansome Pacific JV, the largest CRE transaction brokered by a digital platform was a Ten-X deal for about $96 million. <em>\u201cWe\u2019re very excited about it,\u201d<\/em> Renshaw told <em>CPE<\/em>. <em>\u201cBass Pro was really pleased with us. We brought them multiple offers.\u201d<\/em><\/p>\n<p><em>\u201cThere\u2019s something wildly different about what we\u2019re doing,\u201d<\/em> she added<em>. \u201cIt\u2019s a place that you can sell things for their highest values. It\u2019s also a place where you can buy something that\u2019s very low risk that\u2019s of great quality.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>B+E brokered the sale-leaseback deal, which is believed to be the largest commercial real estate transaction sold through a digital platform.<\/p>\n","protected":false},"author":1068,"featured_media":1004328302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21808,21783,23891,21742,21749,21787],"tags":[43739,45770,45773,41066,34746],"class_list":["post-1004328278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-featured","category-investment","category-national","category-latest","category-retail","category-technology","tag-be","tag-be-real-estate","tag-cabelas","tag-camille-renshaw","tag-ten-x"],"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>Bass Pro Shops Sells 11 Cabela\u2019s Locations for $324M - 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\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bass Pro Shops Sells 11 Cabela\u2019s Locations for $324M\" \/>\n<meta property=\"og:description\" content=\"B+E brokered the sale-leaseback deal, which is believed to be the largest commercial real estate transaction sold through a digital platform.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-31T12:54:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-31T13:55:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Cabela-exterior.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"225\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/\",\"name\":\"Bass Pro Shops Sells 11 Cabela\u2019s Locations for $324M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Cabela-exterior.jpg\",\"datePublished\":\"2019-05-31T12:54:37+00:00\",\"dateModified\":\"2019-05-31T13:55:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bass-pro-shops-sells-11-cabelas-locations-for-324m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Cabela-exterior.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Cabela-exterior.jpg\",\"width\":300,\"height\":225,\"caption\":\"Exterior view of a Cabela's store. 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