Northmarq completes $7.775 million sale-leaseback of single-tenant Class B office space in Memphis MSA
NEWPORT BEACH, Calif. (July 9, 2024) — Northmarq’s Commercial Investment Sales team of Riley Rettig, senior associate, and Anthony Cohen, vice president collaborated with Brian Lane, senior associate in Atlanta, to broker the sale-leaseback of a 59,602-sq.-ft. Class B office property in Collierville, Tenn. Located on 8.53 acres in the Memphis MSA, the facility serves as Juice Plus+ Global Corporate headquarters.
“Amidst the challenging office market landscape, we facilitated this sale of Juice Plus+ Company headquarters via a sale-leaseback transaction,” said Rettig. “This strategic move allowed the seller to unlock capital tied up in their real estate, enabling them to reinvest those proceeds into their business and fuel expansion.”
Northmarq represented the seller, The Juice Plus+ Company. The buyer was Sentinel Net Lease.
“Recognizing the complexities of the current office market, our team worked tirelessly to secure the right real estate buyer — one who not only understood the nuances of a sale-leaseback, but also promised to be a reliable partner for years to come,” Rettig added. “This transaction highlights how sale-leasebacks are an excellent option for companies looking to unlock capital from their owned real estate, providing them with the financial flexibility to optimize balance sheets, drive growth and pursue new initiatives.”
Built in 2005, the single-tenant property features 59,602 sq. ft. located at 140 Crescent Drive. Juice Plus+, a leading provider of plant-based nutrition, has a robust operating history with innovative product development and will provide a corporate-guaranteed lease. In addition to its exceptional tenant, the property is only a 30-minute drive from downtown Memphis and is conveniently situated between Bill Morris Parkway and Highway 72.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
