B+E, the first brokerage and technology platform for net lease real estate, today announced that it has brokered a sale-leaseback transaction for 11 Cabela’s locations for $324,335,000.
“Leveraging the largest dataset in net lease real estate, B+E delivered multiple, qualified buyers for Cabela’s to choose from,” said Camille Renshaw, CEO of B+E. “We are very excited to have closed what we believe is the largest commercial real estate sale ever brokered by a digital platform.”
The buyer is a Sansome Pacific joint venture, and the seller is Bass Pro Shops, which merged with Cabela’s in 2017. The sale-leaseback term is 25 years.
B+E uses artificial intelligence combined with senior people to track the most active buyers in the real-time, net lease market, much as stock and bond software tracks institutional investors. The algorithm evaluates a buyer’s past purchases, as well as current acquisition criteria and dollars raised that must be allocated within a given year. Co-founders Camille Renshaw and Scott Scurich were previously traditional net lease real estate brokers then later joined Ten-X, a Google Capital company. They launched B+E in 2017, and past experiences from both street brokerage and CRETech have influenced the technology that B+E continues to develop.
