Company News
Kingsbarn Acquires Fleet Farm Retail Center in Sioux Falls, South Dakota
Las Vegas, Nevada, April 21, 2022 – Kingsbarn Realty Capital (“Company” or “Kingsbarn”) announced the acquisition of the Fleet Farm Retail Center located at 3035 West Fleet Street in Sioux Falls, South Dakota (the “Property”). Kingsbarn intends to offer interests in the Property in a Delaware Statutory Trust structure, thereby making it eligible for purchase fractionally as a 1031 exchange replacement property.
Newly constructed in 2019, this single-tenant Property is comprised of approximately 192,000 square feet. In addition to the main retail store, the property also includes a gas station, a car wash, an auto service center, and a garden center, which are all under the Fleet Farm banner. This Fleet Farm has over 17 years remaining on its lease, which includes annual rental escalations. Frequently listed as a top place to live, Sioux Falls’ population and GDP both have grown rapidly in the last decade.
“We have recently acquired five other Fleet Farm stores and we now own approximately 1,500,000 sq. ft. of Fleet Farms,” stated Kingsbarn CEO Jeff Pori. “Structured as Delaware Statutory Trusts, these properties have proven to be worthwhile investments for our clients.”
Founded in 1955, Fleet Farm has been serving high-quality merchandise as well as e-commerce-resistant products, including farm, pet, home improvement and automotive. The retail chain has 47 locations and over 6,600 employees in the Upper Midwest. Fleet Farm was purchased for $1.2B in 2016 by private equity giant KKR (NYSE: KKR). With its extensive retail sector experience, KKR aims to further expand Fleet Farm’s store count in the coming years.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate private equity and development firm based in Las Vegas, Nevada. Kingsbarn structures its real estate investment opportunities for both fractional 1031 investors as well as providing customized portfolio solutions for large scale investors. Kingsbarn’s management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties. Kingsbarn has over $1 billion of assets under management throughout the United States. In 2020, Kingsbarn Capital and Development was founded as the company’s development arm to expand its product offerings for investors to include ground-up development of real estate assets.
Media Contact:
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No Offer
This is not an offer. An offer will only be made pursuant to the delivery of the required offering documents, including the private placement memorandum, as supplemented or amended (the “Memorandum”) and only in states in which the securities offered pursuant to the Memorandum are registered or exempt from registration requirements, and only by broker-dealers authorized to do so. This information discusses general information about the portfolio and is not a guarantee, prediction or projection of future performance. Diversification does not protect against loss or guarantee return. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. Investing in DSTs and 1031 exchanges involves significant tax consequences. Please refer to the Memorandum for detailed information about the offering and its associated risks and implications.
Forward-Looking Statements
This press release may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Kingsbarn assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.