Dacourt’s real estate investment history is extensive and includes successful closings of over 450 investment properties in 46 states. Representative transactions include corporate headquarters for Chesebrough-Pond's, Fluor, Applebee’s, Carolina Power, Public Service Co of Oklahoma, Gulf States Utilities, Nevada National Bank, Health Net; retail stores for Southland, Kobacher Shoes, Zales, Kinney, and Carter Hawley Hale; restaurants for Burger King, Hardee’s, Sizzler, Bonanza, Biscuitville, Gino’s, and Marriott; branch offices for Pacific Power, Arkansas Power, Mid-South Utilities, Southern National, First Union, MCorp, and Worthen bank; distribution centers for Dollar General, Super Foods, and Grand Union; research centers for CIIT and Beckman Industries; and theatres for Edwards and Cinemark.
Usually the purchases require leverage of at least 65% of the price. Our lenders for prior transactions include Principal Insurance, New England Life, Massachusetts Mutual, CalPERS, Wisconsin Retirement System, American United Life, Lincoln National, Nomura Securities, Credit Suisse First Boston, UBS, Wachovia Securities, First Colony Life and The Norseman Group.
Dacourt is currently interested in acquiring United States properties having the following general characteristics:
• Asset class: Any commercial properties leased to a single tenant. These can include, among other types, theaters, hotels, restaurants, free-standing retail, office, and industrial.
• Transaction size: Minimum $35 million and up. No upper limit. Target range of $100-500 million. Can be multiple locations making up the package.
• Lease term: Best pricing for leases of 20+ years, but terms of 10 years and longer will be considered.
• Lease form: Strong preference given to bondable or NNN leases.
• Locations: All states are acceptable, although some are priced less favorably due to state tax issues. “Problem” states include Maine, New Hampshire, Michigan and Pennsylvania. Favorable tax climates exist in Texas, Florida, Tennessee, South Carolina and Nevada. High-growth areas receive more favorable pricing.
• While we require leverage, it usually works best for us to place debt ourselves with sources we have worked with in the past. Therefore all-cash transactions are favored.
• We prefer original sale/leaseback transactions where the seller is also the tenant, rather than purchasing an existing transaction.
• Brokers’ inquiries welcome.
Please contact David Pardue with any property offerings.