Sale-leasebacks have been common in commercial real estate for a long time. But not when the property in question is a charging station for an electric vehicle (EV).
That changed with the announcement that EVgo, a vendor of an EV fast-charging network which claims more than 950 locations across 35 states and 65 metropolitan areas, had undertaken four sale-leaseback transactions through SLB Capital Advisors in Los Angeles, CA, Santa Monica, CA, San Diego, CA and Brooklyn, NY.
SLB said that it found an institutional investor to fund "four cornerstone properties" for EVgo, which are expected to feature fast charging stalls. The claimed combined property value of the transactions was $27 million.
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