Newmark has successfully arranged the sale-leaseback of a 754,795-square-foot industrial portfolio spanning nine properties across five states in the U.S. The transaction was advised by Newmark’s team of experts, including Vice Chairman Andrew Sandquist and Executive Managing Directors Daniel Katcher and Adam Petrillo, as well as Managing Directors JC Asensio and Briggs Goldberg. The seller was represented in collaboration with local licensees.
Established in 1995, Novae Corp. is now North America’s second-largest manufacturer of utility trailers and the largest exporter of this type into Canada. It fully occupies all nine properties which serve as crucial manufacturing facilities for its rapidly expanding business.
According to Sandquist: “Despite investors facing challenges such as rising interest rates and tightening credit markets, our team overcame these factors to achieve a highly favorable outcome for our client.” He also added that through collaborative efforts between the execution team and Novae Corp., they were able to secure a large public REIT partner who did not rely on asset-level financing for this significant transaction.
The portfolio consists of properties located in Arizona, Indiana, Pennsylvania Texas ,and Utah which are subject to long-term absolute net leases with annual rental escalation clauses.
Image courtesy Briner Building
