DALLAS, TX – Clay Mote of Dallas-based Venture Commercial Real Estate has represented Northern Tool + Equipment in a sale-leaseback of its Fort Mill, South Carolina distribution center.
Northern Tool + Equipment sold the 701,595 square foot facility located at 1850 Banks Road to One Liberty Property for $39 million. Joe Owen of Dallas-based Owen Holdings, Inc. represented One Liberty Property, a publicly held real estate investment trust.
Northern Tool has signed a 15-year lease and will continue to use the facility as a principal distribution center for its products. The company operates two other regional distribution centers in Savage, Minnesota and Arlington, Texas. Together these facilities service 85 retail stores as well as a robust online and catalog business.
Mote is master broker for Northern Tool and has assisted the retailer in securing 25 new retail store locations across the U.S. since 2009.
“Over the years, Clay has become a valuable asset to our real estate and development team and has learned our business inside and out,” said John Rose, Vice President of Real Estate for Northern Tool + Equipment. “When we decided that market conditions were right for a sale-leaseback transaction, we knew we could trust Clay to find the right buyer.”
New leases and store openings signal continued expansion
Mote recently represented Northern Tool in the completion of a 15,000 square foot lease in the Orlando suburb of Fern Park, Florida. The store is now open in the Fern Park Plaza shopping center, located at 167 State Route 436. Joseph Schuemann and Heather Koons of BlueRock Real Estate Services, LLC represented the landlord.
This month Northern Tool opened its third Missouri store in the Kansas City suburb of Independence. Stores in McAllen, Texas; Fredericksburg, Virginia; and Birmingham, Alabama will be opening soon, bringing the retailer’s store count to 86.
About Northern Tool + Equipment
Northern Tool + Equipment is a leading supplier of high-quality tools and equipment owned and operated for over 30 years by the Kotula family. Northern Tool + Equipment sells products through direct mail, the Internet and at more than 80 retail locations in 17 states, including Florida, Georgia, Iowa, Kansas, Minnesota, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Virginia and Wisconsin. Northern Tool + Equipment’s corporate headquarters are located in Burnsville, Minn. For more information, visit www.NorthernTool.com.
About Venture Commercial
Venture Commercial Real Estate is recognized as a leader in retail brokerage services throughout Texas for its dedication to each client’s success. The company’s full-service real estate platform includes landlord and tenant representation, property management, land sales, and income property sales. As the Dallas-Fort Worth partner of X Team International, Venture is able to serve its clients on a national scale. For more information visit www.venturedfw.com.
Sherry Yeaman, for Venture Commercial