Based on ads currently running in commercial real estate web sites, REI Co-op is apparently working to do a sale/leaseback deal on at least one or all of its four owned and operated distribution centers in the U.S.
The ads cite a “long-term NNN sale/leaseback opportunity to own one or all of the essential distribution centers supporting America’s largest customer-owned retail co-op.” Under a triple net (NNN) lease, REI would still pay the DCs’ expenses such as real estate taxes, building insurance, maintenance, rent, and utilities.
The ad states that “each facility plays a vital role in REI’s supply chain, enabling efficient distribution and customer satisfaction across the country” and that the DCs “serve as mission-critical infrastructure to REI’s operations.”
REI is seeking to monetize the value of the DCs through a NNN sale/leaseback transaction with an end of year 2024 Closing.
The ad said prospective buyers are invited to bid on the entire portfolio or individual properties. Offers are due October 31, 2024.
The property featured is the DC in Sumner, WA, built in 1992. It covers a land area of 26.84 acres, or 1.17 million square feet. It has 26 docks.
Image courtesy Heartland USA
