DENVER (Aug. 24, 2016) – CBRE Group, Inc. announced that it assisted Raben Tire Co., LLC in the sale leaseback of 19 properties across five states, totaling 450,711 square feet. The transaction closed May.
CBRE Denver-based Andrew Sandquist joined with JC Asensio and Briggs Goldberg of CBRE Corporate Capital Markets in Chicago and Chris Bosworth, Will Pike and Brian Pfohl of CBRE’s Atlanta office to serve as the exclusive advisor to Raben Tire in the sale-leaseback transaction.
The recently acquired properties, located in Arkansas, Illinois, Indiana, Kentucky and Missouri, have been acquired by the private real estate investment trust Broadstone Net Lease (BNL), which is managed by Broadstone Real Estate, LLC.
“Sale leasebacks have been and will continue to be an attractive source of financing due to low interest rates, constrained capital budgets facing corporate America and the desire to lock in favorable long-term occupancy costs,” said CBRE’s Sandquist. “Sale leaseback transaction volumes are approaching record levels and expected to maintain a steady course. It is an ideal time for companies to leverage investor demand for this type of investment.”
Headquartered in Evansville, Indiana, Raben operates 28 stores, three retreading facilities and two wholesale distribution centers across six Midwestern states. The company offers new and retreaded tires, as well as automotive repair services on behalf of retail, commercial and wholesale customers.
CBRE’s Corporate Capital Markets practice advises corporate clients on qualitative and quantitative analysis for corporate real estate transactions and execution for alternative capital solutions for corporately owned and occupied real estate.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
