Gander Mountain Store Sold, Financed Through Upland

FOREST LAKE, MN-Upland Real Estate Group and Upland Capital Advisors recently completed the sale and financing of the Gander Mountain superstore located here.

The 96,275-sf property sold for $11.9 million to a 1031 Tax Deferred Exchange investor from western Wisconsin. Upland declines to disclose the identities of the buyer and seller on the request of both parties, says Brier Swing, a spokesman for Upland.

The buyer of the property recently sold a large amount of land in Wisconsin and was in the market for a single tenant net-leased property as a replacement. This request was challenging in that the privately held parent company of Gander Mountain does not disclose significant financial information. Despite this difficulty, Upland Capital was able to secure $8.6 million in long-term financing.

Upland specializes in the sale and finance of net-leased properties nationwide. The company has sold more than $400 million in this product type alone. Upland has also recently expanded with a mortgage brokerage division, Upland Capital Advisors.