Recreational Equipment Inc. (REI) sold off its West Valley warehouse in Goodyear to Madison Capital for $46.4 million, but REI isn’t going anywhere. As part of the sale agreement, REI signed a lease for 15 years with two additional 10-year renewal options. It also has right of first offer to purchase the 410,421-square-foot facility. The Goodyear property is located at 4877 N. Cotton Lane.

Madison Capital paid $230 million to acquire four of REI Co-op’s distribution centers in different states: Tennessee, Washington, Pennsylvania and the Goodyear site.

The Phoenix Business Journal reports that REI will continue to maintain and operate all buildings with no impact on employees. A company spokesman said the sale-leaseback model was a “great option” for the company’s overall financial and real estate portfolio management based on the success of its long-term leases with its headquarters and a majority of its stores.