The portfolio includes 23 properties in Missouri, 10 in California, six in Arkansas, and two in Nevada. The portfolio represents nearly the entirety of Meek's operational real estate and were sold to an undisclosed public real estate trust. No financial terms of the transaction were disclosed and a second closing for an additional set of properties is set for the fourth quarter of 2018.
The portfolio mainly consists of distribution assets with a retail component, but other product types within the opportunity included manufacturing facilities, a design center, and Meek's headquarter office building in Springfield, Mo.
"This portfolio represented a geographically diverse, industrial acquisition of scale, which was bolstered by a longer-term master lease to an established credit and excellent unit level performance," said Nick Foster, part of the HFF investment sales team representing the seller.
The sale-leaseback deal for Meek's coincides with the recent sale of the company to private equity firms Angeles Equity Partners and Clearlake Capital Group. Meek's, the 22nd biggest company on the 2018 ProSales 100, was founded in 1919. The company operated two sections of business, one with 13 locations in Northern California and Nevada and the other operating 37 yards in Arkansas and Missouri. Meek's product offerings include lumber, concrete, masonry, drywall, decking, hardware, insulation, lighting, millwork, paint, plumbing, plywood, rebar, roofing, siding, trusses, windows, specialty distribution, and installed services.