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U.S. Sale-Leaseback Volume Sets New Records

Total U.S. sale-leaseback volume of 874 unique transactions during 2022 exceeded the prior record volume of 789 in 2021, according to SLB Capital Advisors, an advisory firm focused on sale-leasebacks and M&A-related real estate transactions. 

Sale-leaseback transaction count for 2022 was 11% greater than prior highs reached in 2019 and 2021. Total dollar volume of $31.4 billion also set a record, exceeding the 2019 volume of $27.6 billion by 14%. 

“Robust 2022 dealmaking was driven by multiple factors including the prior year’s record M&A activity, buyers’ strong appetite to deploy capital, and the sale-leaseback’s attractive cost compared to other forms of capital,” according to Scott Merkle, managing partner of New York-based SLB Capital Advisors.   

He noted that while rates on high yield bonds and corporate debt have risen >400 basis points, increases in the cost of sale-leasebacks were comparatively muted, widening by approximately 100-150 bps.

Pictured: An AHF Products facility in Warren, AR, part of a one-million-square-foot sale-leaseback that occurred last summer. 


Inside The Story

SLB Capital Advisors' Merkle

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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