Company News
Kingsbarn Purchases Two Fleet Farm Retail Centers in Minnesota and Wisconsin
Las Vegas, Nevada, May 16, 2022 – Kingsbarn Realty Capital ("Company" or "Kingsbarn") announced the acquisition of two Fleet Farm retail centers located at 2324 3rd Ave. NE, Cambridge, Minnesota 55008 and 2003 US-12 W, Menomonie, Wisconsin 54751, respectively. Each Fleet Farm store has approximately 18 years remaining on a triple-net lease with annual rental increases of 2.00%. In addition to the retail store, both locations also include an onsite gas station and a free-standing car wash facility. Both Fleet Farm stores enjoyed store sales of more than $30 million in 2021.
"With the acquisition of these two Fleet Farms centers, Kingsbarn has now acquired a total of eight Fleet Farm properties, including the flagship store located in Appleton, Wisconsin," stated Kingsbarn CEO, Jeff Pori. "Our single-tenant portfolio has been extremely successful. We have had a great run offering properties with proven, quality tenants for 1031 exchange investors who desire consistent returns." Kingsbarn intends to offer interests in the two properties in a single Delaware Statutory Trust structure, thereby making the portfolio eligible for purchase fractionally as a 1031 exchange replacement property.
Fleet Farm has been proudly serving high-quality merchandise, as well as e-commerce-resistant products, including farm, pet, home improvement and automotive. Founded in 1955, 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:
Emma Williams
The Ferraro Group -702-367-7771
emma@theferrarogroup.com
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.