Real Estate News
NAI Legacy Acquires Fleet Farm in Carver, MN
Acquisition for DST Placement
Minneapolis, MN - NAI Legacy is pleased to announce the acquisition of Mills Fleet Farm in Carver, MN. The property is made up of 2 commercial properties, the flagship store as well as a gas station. The Property is located on ± 39.69 Acres located at 1935 Levi Griffin Rd, Carver Minnesota 55315. The property will be placed in an Essential Net Leased portfolio consisting of properties located in the midwest.
Fleet Farm was acquired in 2016 (NYSE: KKR | S&P: A) by Kohlberg Kravis Roberts & Company (KKR) for $1.2 Billion. Fleet Farm serves Minnesota, Iowa, Wisconsin, Iowa, and the Dakotas with home improvement and recreational products. Amelia Bjorklund, an Investment Analyst for NAI Legacy stated, "This will be a high-quality, sure-fire investment opportunity for investors across the United States. For starters, the real estate is located in a rapidly developing area, which ensures continued success; and next, the tenant is outstanding. Fleet Farm appeals to both city and rural shoppers, a niche that other big-box retailers cannot measure up to. Since their inception in 1955, they have continued to grow exponentially. The icing on the cake is that their lease offers 2.00% annual rental increases."
Managing Director, Michael Houge added on: "Together, the real estate, tenant, and lease will be very attractive for investors" NAI Legacy will place this property into a portfolio with other quality offerings with attractive tax-strategies. The portfolio will offer interests structured as a Delaware Statutory Trust (DST), making it more affordable for an individual to be an owner of quality properties, and eligible for a 1031-exchange.
NAI Legacy acquired the Property from SAB Capital, based in New York, New York. Jordan Koeppel acted as the seller's broker, and Patricia Weller, Vickie Loher-Johnson, Jessica Swanson, and Daniel Hemingway acted as buyer's attorneys from Monroe Moxness Berg Law firm, based in Bloomington, Minnesota.
About NAI Legacy
NAI Legacy is the tax-efficient investment platform in the NAI Global Network. NAI Legacy operates as both a provider of real estate investment product and investment brokerage services. Our Private Client Advisors™ group provides our investors with tax-efficient real estate brokerage solutions such as DSTs, funds and direct investment opportunities. Our service division provides clients with comprehensive investment solutions through brokerage, net lease buyer services, property management and accounting. Through our affiliation with the NAI Global Network, we have direct access to every major market in the United States with over 375 office locations. Our unique offerings of both product and services supported by a national network, allows us to tailor investment services directly to our client's unique investment criteria across asset classes, geography, risk-tolerance, and investment preference.
For more information on tax-strategies, contact one of our team members found on www.nailegacy.com
Founded in 1955, Fleet Farm, based in Appleton, Wisconsin, proudly serves the Upper Midwest by vending high-quality merchandise designed for life, work, home, and recreation, targeting both suburban and farm consumers. Having been in business for over 60 years, Fleet Farm is among the region's most trusted names in retail, operating 47 locations across Minnesota, Wisconsin, Iowa, and North Dakota. Formerly family-owned, Fleet Farm, Inc. was purchased for $1.6B in 2016 by KKR (NYSE: KKR; S&P: A). With its extensive retail sector experience, KKR aims to expand Fleet Farm's store count over the years. Fleet Farm now has ± 47 locations, and approximately ± 7,200 employees.
