CAI Investments, LLC, a property manager/developer and private placement sponsor, has purchased a Cabela’s retail establishment in the Reno suburb of Verdi, Nevada for a future 506(b) Delaware statutory trust offering. The purchase price was not disclosed.
The property is fully occupied by Cabela’s, a subsidiary of Bass Pro Shops that specializes in outdoor recreation products for camping, hunting, and fishing. The company said that the tenant’s remaining lease term is 23 plus years, with contractually obligated annual rent increases. In addition to Reno, the property services nearby Lake Tahoe/Incline Village.
With the Cabela’s purchase, CAI is expanding its presence in northern Nevada, which includes a Reno City Center redevelopment project, a Reno/Kimpton multi-use opportunity zone development, and a Class A office building located in Carson City leased to Harley Davidson.
“This Cabela’s is located in a growing economic region that has rebounded more quickly than other parts of the nation,” said Christopher Beavor, founder of CAI Investments. “We see continued demand for jobs, housing, and retail as companies relocate from California to Nevada for lifestyle and tax benefits.”
In other company news, CAI recently subscribed a DST offering comprised of a Cabela’s retail establishment in Kansas City, Kansas.
Headquartered in Las Vegas, CAI Investments is a real estate development company that finances, develops and manages commercial properties in key markets across the United States.