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Novae Corp. Completes Nine-Property Sale-Leaseback
Newmark arranged the sale-leaseback of Novae Corp.’s nine-property, 754,795-square-foot, 238-acre industrial portfolio spanning across five U.S. states. Newmark advised Novae Corp. in the leaseback structure and sale to an undisclosed buyer for an eight-figure sale price.
Vice chairman Andrew Sandquist, executive managing directors Daniel Katcher and Adam Petrillo, and managing directors JC Asensio and Briggs Goldberg represented the seller in cooperation with local licensees.
Founded in 1995, Novae Corp. has become North America’s second-largest manufacturer of utility trailers and the largest exporter of utility-type trailers into Canada. It fully occupies the properties which serve as critical manufacturing facilities for the rapidly growing company.
“Even with investors facing continued spikes in interest rates and tightening credit markets, our team overcame the factors to deliver a highly favorable outcome for the client,” said Sandquist. “Through the collaborative efforts of the execution team and Novae Corp., we identified and secured a large, public REIT, who did not rely on asset-level financing, to partner on this notable transaction.”
Located in Arizona, Indiana, Pennsylvania, Texas and Utah, the nine properties comprising the portfolio are subject to a long-term absolute net lease with annual rental escalation.
Pictured: A Novae Corp. facility; photo courtesy of Briner Building.
- ◦Sale/Acquisition
