Blue Owl Unloads 9 Big Lots Stores for $51M
Retail property sales are part of a larger 26-property sale and leaseback in 2023
By Greg Cornfield January 19, 2024 2:30 pm
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Less than half a year after closing a larger $310 million sale-leaseback with discount retail chain Big Lots, Chicago-based Blue Owl Capital has unloaded a third of the retail locations from that deal, mostly in Southern California.
CBRE (CBRE) announced Friday that Blue Owl sold nine Big Lots store locations to two buyers, Robhana Group and Reliable Properties, for a combined $50.7 million. The nine retail locations are part of the 26-property portfolio that Blue Owl acquired and leased back to Big Lots. (That deal included 25 retail properties for $90.4 million, and a distribution facility in Apple Valley, Calif., for $219.1 million, which Big Lots leased for 20 years.)
Robhana Group acquired four retail locations totaling 117,494 square feet for $23.6 million, including three in Greater Los Angeles and one in San Diego’s South Bay. Reliable Properties purchased five locations totaling 125,439 square feet for $27.1 million, including four Big Lots in Southern California and one in Miami.
“These proven, long-standing retail locations have demonstrated strong store performance and encompass prime retail real estate in excellent investment markets with strong fundamentals,” CBRE’s Patrick Wade said in a statement.
Wade and CBRE’s Alex Kozakov represented Blue Owl in the sale.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
