Greg Gerber posted on August 06, 2008 18:15
MADISON, Wis. -- Upland Real Estate Group Inc. has sold a Camping World in Madison, Wis., to a 1031 Exchange buyer for $4.4 million.
Camping World, which has 77 stores in 30 states, recently combined with FreedomRoads, which has 60 stores in 30 states. Both companies sell recreational vehicles and supplies.
Upland has more than 10 Camping World stores for sale, along with an additional 300 net leased investment properties across the country.
"All the new stores were built by a developer," said Marcus Lemonis, CEO and chairman of Camping World. "The developer buys the land and builds the building, which we lease as tenants. Upland will continue to do that for us, but they do not hold the property."
Lemonis said it is a very common practice among big box retailers. Such arrangements are also attractive investments especially when the buyers can acquire buildings locked into long-term leases.
SOURCE: Commercial Real Estate Deal News