INDEPENDENCE, Mo., Oct. 18, 2012 (GLOBE NEWSWIRE) -- Spirit Realty Capital, a public REIT based out of Scottsdale, Arizona acquired six free standing Sportsman Warehouses over a four state area for over $45 million, in a sale-leaseback transaction with Sportsman's Warehouse, according to confirmed sources at NAI West and Mountain West Retail/Investment. The properties are located in Thornton CO, Loveland CO, Midvale UT, Phoenix AZ, Mesa AZ and Ankeny Iowa and range in size from 43,725 square feet to 57,055 square feet.
The transaction was completed on October 15, 2012. Bryce Blanchard of NAI WEST, Chris Hatch of Mountain West, and Jason Smith of Global Corporate Solutions represented Sportsman's Warehouse. Other NAI Realty Network affiliates participated in the transaction, including Shames Makovsky in Denver; NAI Ruhl & Ruhl Commercial Company from Des Moines, Iowa, NAI Horizon, Phoenix, NAI.
According to John V. Winslow, CRE and Senior Sales Comp Manager for Xceligent, a great deal of sale-leaseback sales activity is becoming popular. "Higher cap rates will probably not last long as the investors are giddy about getting nearly 8% return," according to Winslow, who has 40 years in researching comparable sales.
"It was exciting for NAI and Mountain West to access attractive capital markets conditions for single tenant real estate on Sportsman's Warehouse behalf. After a competitive bidding process, Spirit Realty Capital emerged as the perfect partner to achieve an excellent deal structure on this sale-leaseback," said Blanchard.
Spirit Realty Capital was represented by Hope Sherman of NAI Ohio Equities, who said "Having worked with Spirit on a number of previous transactions, I recognized that their due diligence approach would make them an ideal partner in this transaction."
Founded in 1986 and headquartered in Salt Lake City, Utah, Sportsman's Warehouse operates more than 33 stores across the United States. The company strives to provide enthusiasts with high quality equipment, knowledgeable staff, and a friendly shopping environment for a variety of outdoor activities.
NAI West was founded in Salt Lake City, Utah in 1998 and provides full service brokerage, property management, and maintenance services across Utah and the Mountain West.
Mountain West Retail/Investment was founded in 2009 in Salt Lake City Utah brokerage services for retail and investment real estate.
NAI Global Corporate Solutions is a strategic partner providing real estate services for clients with nationwide and international real estate needs.
Spirit Realty Capital is a leading Real Estate Investment Trust (REIT) company located in Scottsdale, Arizona. Created in 2003, Spirit was formed to acquire single tenant, free-standing commercial/retail real estate facilities and provide significant returns through those investments. Since that time, Spirit Realty Capital has invested over $4.0 billion and constructed a diverse portfolio of more than 1,150 properties located across 46 states.
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