KATY, TX-In its first major acquisition of 2007, a Phoenix company has staked a claim to the 93-acre corporate headquarters and national distribution center for Academy Sports & Outdoors Ltd. The 1.4-million-sf sale-leaseback was inked for $102 million.
The income stream and location at 1800 N. Mason Rd. caught the attention of the buyer, Cole Cos. Academy Warehouse has a 20-year, triple-net lease, with numerous options allowing up to a 20-year extension following the base lease's expiration. "They plan to be there indefinitely," says Chris Robertson, Cole's senior vice president of acquisitions.
Currently, 93% of the property is used for warehouse and distribution, with the other 7% going to corporate office space. Robertson says Cole plans no upgrades to the buildings or land.
Robertson tells GlobeSt.com that Cole's goal is to acquire $1.5 billion to $2 billion of net-lease real estate. The company is looking nationwide at single-tenant office, industrial and retail as well as multi-tenant retail. "We'd like to do more along the lines of the Academy deal, but those don't come along too often," he says.
Robertson says the Academy deal made sense for his company because it's a marquis asset for a tenant that's been on the site since the mid-1970s. "Academy is one of the strongest sporting good retailer operators out there and they compete effectively in the arena," he adds. Stan Johnson Co. of Tulsa, OK represented Academy Sports in the transaction.
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