Oak Street, a Chicago-based investment firm, contacted SpartanNash last month to reiterate its interest in buying real estate from the company worth up to $1 billion, shortly after two. The firm was founded in 2009 and headquartered in Chicago, Illinois. As a company valued everyday by the stock market, that matters. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, would, should, future, propose, target, goal, objective, outlook and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. All Rights Reserved. Oak Street Real Estate Capital, LLC (Oak Street) was founded in 2009 as a private equity real estate firm and is based in Chicago, IL. That last one is relevant as STOR has 30 days to shop the deal to another buyer. You can sign up for additional alert options at any time. Under the agreement, ARKO Corp.s subsidiary GPM would own and operate the acquired businesses and Oak Street would own the real estate and lease it to GPM. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. After you have typed in some text, hit ENTER to start searching Myles C. Milek, SeniorAdvisor, Founder of Ridgewood Capital. Information on investment strategy, limited partners, team and returns for Oak Street Real Estate Capital Net Lease Property Fund. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Carmel, IN. endobj Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Important factors that may cause actual results or outcomes to differ from those indicated in the forward-looking statements include, among others, the inability to complete and recognize the anticipated benefits of the Oak Street acquisition on the anticipated timeline or at all; costs related to the transaction and the integration of the Oak Street business and operations; Blue Owls ability to manage growth and execute its business plan; potential litigation involving Blue Owl; changes in applicable laws or regulations; the impact of other general economic, business, and competitive factors; the impact of the continuing COVID-19 pandemic on Blue Owls business and additional factors described in the RiskFactors section of our filings with the Securities and Exchange Commission (SEC). MSCIs RCA CPPI National All-Property index lost 2.7% since December. With your permission, we also use cookies and similar technologies to provide enhanced functionality, to improve performance, and to analyze site usage. Cap rates are rising, and while that creates opportunities for lucrative acquisitions, it also means pain for "bond-like" real estate investments. <> <> View Michael Reiter's business profile as Chief Operating Officer at Oak Street Real Estate Capital LLC. This press release includes certain non-GAAP financial measures, including Distributable Earnings per Share, that are not prepared in accordance with accounting principles generally accepted inthe United States(GAAP) and that may be different from non-GAAP financial measures used by other companies. Miami reclaimed the top destination for the first time since August. That ties O and beats SRC's 28%. The closing purchase price of$950 millionwill be funded through a combination of cash and Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units issuable at closing). This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. These cookies track visitors across websites and collect information to provide customized ads. These elements explain why Blue Owl is both interested in STOR and at $32.25 per share, but two key questions remain: Is it good for STOR shareholders and what's the probability of obtaining a better price? The transaction is expected to close in the fourth quarter of 2021. Then, the agreement calls for STOR to not pay out its Q4 dividend, which would be 41 cents. Although human nature is to irrationally use the rearview mirror to drive our investment portfolios (e.g. Previously, Marc was the Vice President Acquistions at American Realty Capital and also held positions at Merrill, TM Associates Management. 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Why? Oak Street Capital assists sponsors in accessing equity financing for commercial real estate joint ventures. Mr. Hampton founded Oak Street Capital in 2003. You also have the option to opt-out of these cookies. This just in. The deal is going through at about a 10% premium to net asset value vs. a 10% discount on Sept. 14. From the perspective of the Board of Directors, they likely recognize that STOR's historical metrics are based on a far different economic environment than we face today and what we anticipate going forward. Our Mission In September 2022, Oak Street and GIC agreed to acquire Store Capital for $14 Billion. Office 1005, Oak Street is a Chicago-based private equity real estate firm with about 35 . Oak. Oak Street operate to the most professional standards. September 2021 All Rights Reserved. With more than forty years of successful real estate and financing expertise, Oak Street Capital has financed more than $2 billion for its clients. (See our deep dive on Blackstone's private REIT here.). AddThis sets this cookie to track page visits, sources of traffic and share counts. Oak Street is aChicago-based firm, founded in 2009 with over 35 employees and with$10.8 billionof assets under management as ofJune 30, 2021. Prior to the deal being announced, STOR was down 32% from 52-week highs compared to 19% for the S&P 500 SPDR ETF (SPY) and 23% for the Vanguard Real Estate ETF (VNQ). Already the Second-Largest Buyer During Pandemic, CEO Says Chicago Firm Has $10 Billion Pipeline Oak Street Real Estate Capital owns this 1.3 million square feet industrial property at 50 Rausch . The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Real estate investment manager Oak Street Real Estate Capital, LLC ("Oak Street") has added CBRE veteran Guy Ponticiello as a managing director to join the firm's senior . Oak Street Real Estate Capital is a diversified real estate investment firm. The annual rent escalators built into its leases are 1.8% and considered sufficient in most environments. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owls control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. "Illini Angels" is recruiting . On one hand, STOR's stock decline of ~33% in the past two quarters means $32.25 per share is likely to irritate many investors (especially since there's no dividend in Q4). Kirkland & Ellis LLP acted as legal counsel to Blue Owl. I am not receiving compensation for it (other than from Seeking Alpha). With more than 30 years in real estate he has successfully closed more than $2 billion in transactions in real estate brokerage and financing. The retailer sold 2.1 . To do that, we need to start with what differentiates STOR. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. 2 0 obj Private Placement of Senior Secured Notes, Coordinating Lead ArrangerAdministrative Agent, Massachusetts Development Finance Agency Series 2022, Sales Tax and Telecommunications Revenue Refunding Bonds, Left Lead ArrangerJoint BookrunnerAdministrative Agent, Lead ArrangerBookrunnerAdministrative Agent, has entered into an affiliation agreement with, has divested of a 14.2 MW community solar portfolio in Illinois to, tpg-growth-and-novant-health-partnership-medquest-associates, massachusetts-development-finance-agency-dyouville-senior-care, utah-telecommunication-open-infrastructure-agency. Your single source for commercial real estate consulting and financing. Forward-Looking StatementsCertain statements made in this release are forward looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. We've written in-depth articles on Blue Owl and will only touch on the most relevant points here. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. Oak Street is a Chicago -based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. <> SCOTTSDALE, Ariz. & SINGAPORE & CHICAGO, February 03, 2023--STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate . The deal netted the retailer $250 million in proceeds.. Our typical financing zone ranges from from $5M to $500M. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street manages both commingled funds and separate accounts on. About Oaktree. Oak Street specializes in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Oak Street Real Estate Capital is a diversified real estate investment firm. Exclusive discounts on ALM and GlobeSt events. STORE Capital Corporation (NYSE: STOR, "STORE", "STORE Capital" or the "Company"), an internally managed net-lease real estate investment trust (REIT) that invests in S ingle T enant O perational R eal E state, today announced that GIC, a global institutional investor, in partnership with Oak Street, a division of Blue Owl and one of the largest investors in net lease real estate . But Oak Street's losses rose nearly 40% to $376.2 million over the same period. <> Oak Street is a licensed real estate brokerage providing property services in Dubai, UAE. Blue Owl, formed through a merger of Owl Rock Capital Partners and Dyal Capital Partners, is making its first acquisition since going public through a blank-check company earlier this year. Its top 10 tenant concentration is a mere 17.7%, which is best and class and well under O's 28.1%, for example. $32.25 - 43.5 is $31.815. Oak Street Real Estate Capital is a diversified real estate investment firm. If you were Blue Owl or another bidder, wouldn't you want a lower price in this market too? The cookie is used to store the user consent for the cookies in the category "Other. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. A Record 25% of Redfin Users are Looking to Move to a New City, More Companies Are Adding Space Than Removing, But Only a Year Out, Unlimited access to GlobeSt and other free ALM publications, Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications, 1 free article* every 30 days across the ALM subscription network, Exclusive discounts on ALM events and publications. The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. That's below the 52-week high of $36.13 and well below its pre-pandemic stock price that exceeded $40 per share multiple times. Lets walk through the mechanics of the deal and what it means for shareholders of both entities. URBANA The University of Illinois' venture-capital arm is building a network of alumni investors to help grow campus-borne businesses from the ground floor. Oak Street Real Estate Capital, LLC's proposed acquisition of certain properties from Granite Real Estate Investment Trust and Granite REIT Fasken Reading Time 1 minute read If that continues, the AUM engine keeps chugging along and greater asset management and incentive fee income is generated. Crombie REIT ( CRR-UN-T) will sell a majority non-managing interest in 15 additional grocery store-anchored retail properties across Canada to Oak Street Real Estate Capital of Chicago for $193 million. Blue Owl Capital's management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Email: bh@oakstcap.com Oak Street Capital is a Real Estate Investment and Financing company focused on private equity investment, mezzanine financing, land acquisition and improvement loans, construction loans, bridge loans, debt financing, lending consultation and real estate brokerage. Oak Street Funding. Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $12.4 billion of assets under management as of September 30, 2021. But opting out of some of these cookies may affect your browsing experience. An old trick of buying a company with its own cash flow from operations. Fortunately, WER owns equity in both, so it's basically a wash. Brad Thomas has exited his position in STOR and reallocated it to another net lease REIT mentioned today on iREIT on Alpha's chat board. We know the company well and have written about it many times over the years. ", Marc Zahr, Co-Founder and CEO of Oak Street, said: "Through its direct lending and GP stakes solutions, Blue Owl has built a one-stop shop for alternative asset managers in solving capital needs. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. When typing in this field, a list of search results will appear and be automatically updated as you type. *May exclude premium content I have worked with Michael at Oak Street for years now and the service has been outstanding. Blue Owls management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. With a key focus on client satisfaction and transactional transparency, Oak Street prides itself on a vast network of repeat clients. Oak Street Capital LLC Find new & featured property located in your local city. endobj 1 0 obj That seemed far fetched when Blue Owl had its IPO, but after acquiring a leading real estate lending company with $16 billion in AUM and now setting its targets on STOR's net lease platform, it appears Blue Owl is well on its way to building a diversified alternative investment platform. AED4+X(( Before we get into the specifics of the acquisition, we need to understand the buyer's perspective. Its peer group includes Realty Income (O), ADC, EPRT, SRC, NTST, NNN, and ADC. Investor ContactAnn DaiHead of Investor Relationsowlir@blueowl.com, Media ContactProsek PartnersDavid Wells/Nick TheccanatPro-blueowl@prosek.com, View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-owl-capital-completes-acquisition-of-oak-street-real-estate-capital-301451517.html, 399 Park Avenue, 37th Floor New York, NY 10022. I have no business relationship with any company whose stock is mentioned in this article. I am not receiving compensation for it (other than from Seeking Alpha). Chairman & CEO Ben Mohns Head of Asset Management - North America Brian Mutchler Head of Special Situations Erin Nahumyk Chief Accounting Officer Geoff Regnery Global Head of Investor Relations Jenna Sheehan Head of Investor Relations - North America, Chief Marketing Officer Joey Lansing Global Head of Portfolio Management & Strategy NEW YORK and CHICAGO, Dec. 30, 2021 /PRNewswire/ -- Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) announced today the completion of its acquisition of Oak Street Real Estate Capital, LLC ("Oak Street") and its investment advisory business. Retailers faced a wide range of challenges in 2022. The firm was founded in 2009 and headquartered inChicago, Illinois. Oak Street Real Estate Capital is a diversified real estate investment firm. Blue Owl Capital Inc. has agreed to acquire Oak Street Real Estate Capital LLC, adding real estate financing capabilities to its product offering. Oak Street is the industry's preeminent net lease platform with meaningful capital, scale and expertise that will further expand Blue Owl's range of investment solutions. Oak Street is the industry's preeminent net lease platform with meaningful capital, scale and expertise that will further expand Blue Owl's range of investment solutions. I have no business relationship with any company whose stock is mentioned in this article. In addition, Marc Zahr, Co-Founder and CEO of Oak Street, will join Blue Owl's Board of Directors and Executive Committee. In addition,Marc Zahrwill join Blue Owls Board of Directors and Executive Committee. Oak Street Real Estate Capital, LLC ("Oak Street") is a private equity real estate firm based in Chicago, Illinois. <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> STOR's model is primarily a single-tenant triple net lease. stream Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities. Again, this is not really at $32.25 as I pointed out. A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owls website atwww.blueowl.com. CEO up until two quarters ago (no one at Wide Moat Research has any affiliation with STORE Capital outside of owning common equity). In accessing equity financing for commercial real estate brokerage providing property services Dubai! 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