Newmark successfully facilitated the sale-leaseback of a 754,795-square-foot industrial portfolio spanning nine properties across five states for Novae Corp. The transaction was structured as a leaseback and sold to an undisclosed buyer for an eight-figure price.
The seller was represented by Newmark’s team of experts, including Vice Chairman Andrew Sandquist, Executive Managing Directors Daniel Katcher and Adam Petrillo, and Managing Directors JC Asensio and Briggs Goldberg. Founded in 1995, Novae Corp. is now the second-largest utility trailer manufacturer in North America with a strong presence in Canada.
According to Sandquist: “Despite challenges such as rising interest rates and tightening credit markets faced by investors today, our team worked diligently to secure a highly favorable outcome for our client.” Through collaboration between Newmark’s execution team and Novae Corp., they were able to identify a large public REIT partner who did not require asset-level financing.
The portfolio consists of properties located in Arizona, Indiana
