Sentinel Net Lease Acquires Trio of Commercial Net Lease
BALTIMORE, June 23, 2021 (GLOBE NEWSWIRE) – Sentinel Net Lease (“Sentinel”) has acquired three net commercial real estate rentals for a total of $ 46 million in the past three weeks. These recent acquisitions include BJ’s wholesale club in Rochester, NY for $ 16.4 million, Concentrix’s customer service center in St. Louis, MO for $ 7.6 million, and financial technology company Orion corporate headquarters in Omaha, NE for 21 . $ 9 million. In total, Sentinel has acquired over $ 130 million in assets since the pandemic began in March 2020.
Sentinel was founded by investment veterans Fred Lewis and Dennis Cisterna with a primary strategy of investing in real estate used by technology-driven and essential service companies that can thrive in normal market conditions and do well in recessive environments.
“BJ’s wholesale club is an essential service, with demand and sales reaching record levels during the COVID-19 pandemic and introducing a new generation of wholesale and wholesale clubs. BJ’s has implemented a strong, technology-friendly platform to improve online ordering and collection, which has been one of the fastest growing revenue sectors in retail over the past year, ”said Cisterna, Sentinel’s chief investment officer, highlighting the benefits of the acquisition.
The acquisition of the Concentrix building is the fourth call center Sentinel has acquired, which also owns real estate from Amazon, AT&T and CardWorks. Concentrix is a leading global business solutions provider with a customer base of over 20% of the Fortune 500 companies. “We found that while there is still a great deal of uncertainty about what the return to work will look like for the average office worker, people in customer service positions have returned to the office environment much more quickly, which supports the immediate benefits of the call centers we have acquired,” said Cisterna.
The closure of Orion’s corporate headquarters in Omaha for $ 21.9 million marks Sentinel’s largest acquisition to date and its first property in Nebraska. Lewis, CEO of Sentinel, commented, “Omaha is an undervalued market with an exceptional narrative about the high quality of life and business-friendly environment in the area. We were able to acquire a class A building with a strong tenant in a great location for an attractive return. “
Sentinel’s syndicated transaction structure enables targeted capital raising for each identified transaction without the constant pressure to deploy capital. Lewis commented, “Finding ticked all boxes of assets is not easy, but we believe that by taking a measured approach to finding the right opportunities while performing extensive due diligence and market analysis on each property, we can build our reputation as a intelligent investor. ”
Via Sentinel Net Lease
Sentinel Net Lease is a real estate investment firm focused on the acquisition and management of recession-resistant freestanding commercial properties that generate passive real estate income under long-term net leases. Their approach combines data-driven, institutional-grade investment research with exceptional operational experience and meticulous asset management to produce strong, risk-adjusted returns.
Visit sentinelnetlease.com for more information.
Sentinel Net Lease Le
Andrew Broeren – Chief Operating Officer
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