BALTIMORE, June 23, 2021 (GLOBE NEWSWIRE) — Sentinel Net Lease (“Sentinel”) acquired three commercial real estate net lease properties totaling $46MM within the last three weeks. These most recent acquisitions include BJ’s Wholesale Club in Rochester, NY for $16.4MM, Concentrix’s customer service center in St. Louis, MO for $7.6MM and the corporate headquarters for financial technology firm Orion in Omaha, NE for $21.9MM. In total, Sentinel has acquired over $130MM in assets since the beginning of the pandemic in March of 2020.
Sentinel was founded by investment veterans Fred Lewis and Dennis Cisterna with a primary strategy to invest in real estate occupied by tech-centric and essential services companies that can thrive in normal market conditions and operate successfully in recessionary environments.
“BJ’s Wholesale Club represents a primary essential service where demand and revenue hit record levels during the COVID-19 pandemic and introduced a new generation to bulk purchasing and wholesale clubs. BJ’s has implemented a strong tech-friendly platform to enhance online ordering and pickup, 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 acquired by Sentinel, which also owns properties occupied by Amazon, AT&T, and CardWorks. Concentrix is a global leader in business solutions whose client roster includes over 20% of companies in the Fortune 500. “We found that while there is still a lot of uncertainty around what a return-to-work look likes for the average office employee, those in customer service positions have returned to the office environment much more rapidly, supporting the immediate utility of the call centers we acquire” Cisterna said.
The closing of Orion’s corporate headquarters in Omaha for $21.9MM is Sentinel’s largest acquisition to date and their first property located in Nebraska. Lewis, Sentinel’s CEO, commented “Omaha is an undervalued market with an exceptional narrative around the area’s high quality of life and business-friendly environment. We were able to purchase a Class A building with a strong tenant in a great location at an attractive yield.”
Sentinel’s syndicated deal structure allows for targeted capital raising for each identified deal, without the ongoing pressure to put capital to work. Lewis noted “It’s not easy to find assets that check off all the boxes, but we believe a measured approach in sourcing the right opportunities while conducting extensive due diligence and market analysis on each property allows us to build on our reputation as an intelligent investor.”
About Sentinel Net Lease
Sentinel Net Lease is a real estate investment firm focused on acquiring and managing recession-resistant freestanding commercial properties generating passive real estate income under long-term, net lease agreements. Their approach combines institutional-quality, data-driven investment analysis with exceptional boots-on-the-ground operational experience and meticulous asset management to deliver strong, risk-adjusted returns.
Visit sentinelnetlease.com for more information.
Contacts
Sentinel Net Lease
Andrew Broeren – Chief Operating Officer