Scantron enters into two sale-leasebacks

NEWPORT BEACH, Calif., August 5, 2020 – JLL Capital Markets announced today that it has closed two office and industrial sale-leasebacks in two separate transactions for Scantron in Eagan, Minnesota, and Omaha, Nebraska, for an undisclosed price.

JLL marketed the properties on behalf of the seller, Transom Capital Group, a Los-Angeles-based private equity firm that acquired Scantron, a global leader in comprehensive assessment and technology solutions throughout the education, certification, government and commercial industries, in 2019. AIC Ventures purchased the 113,184-square-foot headquarters building in the suburban Minneapolis community of Eagan, and MAG Capital Partners bought the 47,184-square-foot office and industrial property in Omaha. Both purchases include a long-term, triple net lease with the tenant.

The Eagan building is a mission-critical office, warehouse and R&D facility that features up to 24-foot clear heights in the warehouse, four dock-high doors and ample parking. Situated on 12.5 acres at 1313 Lone Oak Rd., the property is approximately 15 miles south of both Minneapolis and St. Paul. This strategic, infill location is within the low vacancy Burnsville/Eagan/Apple Valley submarket and is in a premier corporate suburban node with dense, affluent demographics.

The Omaha building, which houses the Scantron’s Technology Solutions business unit is located at 2020 South 156th Circle. The space is highly functional with a warehouse component featuring two dock doors and 20- to 24-foot clear heights on a 3.6-acre parcel. The southwest Omaha market is dense with low vacancy across industrial and office product types. The property is proximate to Omaha’s largest master-planned development, Heartwood Preserve, a 500-acre mixed-use, urban project.  

The JLL Capital Markets team representing the seller for the Eagan building sale was led by Nick Foster, Connor Ott and Bradley Whiting. Nick Foster also led the Omaha transaction along with Kurt Liss.

“Both of these transactions were launched and closed during the pandemic, and we were thrilled to work with two great buyers and long-term partners for the tenant,” Foster said. “The market for industrial and office sale-leasebacks has remained strong, comparative to other product types, while investors across the spectrum of capital sources search for a combination of both yield and surety of income.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Transom Capital Group (transomcap.com) is an operations-focused private equity firm in the middle market with more than $500 million in assets under management. The firm’s functional pattern recognition, access to capital and ARMOR Value Creation Process combine with management’s industry expertise to create improved operational efficiency, significant top-line growth, cultural transformation and overall distinctive outcomes. Transom is headquartered in Los Angeles, California.

AIC Ventures is a private investment fund manager with a 30-year history of providing alternative capital solutions to middle-market companies throughout the United States. AIC Ventures acquires industrial or office real estate governed by an existing lease or requiring the origination of a new lease and also provides build-to-suit capital for industrial or office property expansion. The firm’s partners and professionals are focused on integrity, creativity and ensuring that its real estate finance solutions meet middle-market companies’ objectives. Visit aicventures.com for further information.

MAG Capital Partners, LLC, is a private commercial real estate development and investment firm formed in 2015 by Dax T.S. Mitchell and Andrew Gi. Based in Fort Worth, Texas, the company owns a portfolio primarily comprising single-tenant industrial and other income-producing commercial properties throughout the United States. Visit magcp.com for further information.