Sale-Leaseback Practice

NLG'S CREATIVE THINKING, PRECISE ANALYSIS AND DECISIVE EXECUTION CREATES VALUE FOR OUR CLIENTS

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What is Sale-Leaseback Financing?

A Sale-Leaseback (“SLB”) solution can extract the hidden value held in corporately owned and occupied real estate. Properly structured, SLB financing allows a company or sponsor to capitalize on the disconnect between the lower earnings multiple (often 6x to 10x) used to value a business, and the higher rent multiple (typically 12x to 16x) achieved from the sale-leaseback of the company’s owned operating real estate.

Why Use SLB Financing?

Companies consider sale-leaseback financing to address any number of capital needs, ranging from improving overall cost of capital, investing in corporate growth, improving its balance sheet, or funding growth through acquisition via an M&A transaction. Sale-leaseback financing allows a company to monetize or “borrow” up to 100% of the value of its real estate at competitive market terms while ensuring complete control of the property and freedom of operation on a long-term basis, in many cases, extending over 50 years, including options.

The NLG Process

Corporations, middle market bankers, M&A advisors, and private equity sponsors come to us for analysis and execution of alternative capital solutions for corporately owned and occupied real estate. NLG extracts maximum value by applying proven financial strategies and funding mechanisms combined with a strong understanding of capital flows along with the rules and regulations that govern various net lease structures. NLG delivers comprehensive quantitative and qualitative analysis together with complete advisory and transactions services throughout every engagement.

The Sale-Leaseback Team

NLG maintains extensive relationships with public and private investors in markets in the US and select markets internationally. This allows us to keep our clients informed with the latest market trends and execute disposition assignments that maximize value in a timely manner, with the highest probability of closing.

Contact an SLB Team Member

Mark Lewensohn

Managing Director

Chicago Office

Mark Lewensohn

Managing Director

Chicago Office

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Mark Lewensohn is the Managing Director, Head of Capital Markets of The Net Lease Group’s Chicago office. He focuses on originating net lease transactions of all types with more than 25 years of combined single-tenant net lease fund acquisitions, institutional real estate advisory and development experience.

Mark has completed over $2 Billion in commercial real estate transactions with $540 million in single-tenant net lease in more than 30 states.

Mark is an accomplished net lease and commercial real estate professional with extensive experience in building net lease portfolios, structuring sale-leaseback transactions, advising on investment strategy, asset management, disposition and real estate development. He has over 25 years in the commercial real estate sector and started his career in public accounting, concentrating on commercial real estate and holding companies. Prior to joining The Net Lease Group, Mark was a principal investor in single-tenant net lease assets with Madison Avenue Capital, LLC.

Prior to founding Madison Avenue Capital, Mark spent nearly 10 years as the Head of Acquisitions for Brauvin Real Estate Funds, a Chicago-based, nationally investing fund group, overseeing all facets of net lease acquisitions comprised of more than 200 net lease properties. Before that, he developed the single-tenant corporate headquarters for Quaker Oats and the regional headquarters for Zurich Insurance US along with nearly a decade as an officer in the Chicago region of Morgan Stanley Real Estate Funds (f/k/a Equitable Real Estate Investment Management). While at MSREF, Mark was responsible for Separate Account and General Account regional acquisitions, asset management and dispositions with transactions numbering in the hundreds.

His career began in the world of public accounting concentrating on commercial real estate tax and audit work providing a unique perspective that he has carried throughout his career.

Mark earned his Bachelor of Science – Accounting from the University of Colorado at Boulder, Leeds School of Business, is a current member of the Association for Corporate Growth and has his Managing Broker license in the State of Illinois.

Esmael Hill

Managing Principal

Esmael Hill

Managing Principal

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Esmael is the Co-Founder and Managing Principal of the Net Lease Group, headquartered in Atlanta, GA. Alongside his founding partner, Philip Wickstrom, Esmael leads the company’s overall strategy and vision. The vision calls for embracing market leading expertise, technology and service to build a global net lease platform which drives success for clients, employees and partners.

Esmael has been at the helm of leading the company’s originations effort since its founding in 2011 and brings with that leadership deep experience and expertise in net lease investment strategy, commercial real estate and corporate finance. He has over twenty-four (24) years of experience in the commercial real estate and investment banking sectors. Esmael has successfully completed, advised, and structured transactions in excess of $10 Billion during his career.

Prior to launching The Net Lease Group (“NLG”), Esmael worked as a Net Lease Advisor with Cushman & Wakefield and prior to that spent eleven (11) years with SunTrust Bank in various capacities. Esmael was an investment banker with SunTrust Robinson Humphrey, Inc. in its Capital Markets Structured Leasing Group, which was principally focused on proving sale-leaseback and build-to-suit capital to corporate clients of the bank.

Prior to joining SunTrust Robinson Humphrey, Esmael worked as a project finance and construction lender in SunTrust’s Commercial Real Estate Finance Group. In this role, Esmael provided debt capital to finance all property types of commercial real estate for development. Esmael is a graduate of the SunTrust Executive Management Training Program.

In 2020, Esmael founded a Non-Profit organization, Human Progress Organization, Inc. (HPO), the organization will focus on bringing education and wellness recourses to underserved communities primarily in the United States and West Africa.

Esmael earned his Bachelor of Science – Finance and Real Estate from Georgia State University (“GSU”). Esmael also serves as a Board of Trustee on GSU’s Foundation Board.  He is a member of the International Council of Shopping Centers (ICSC) and the Atlanta Commercial Board of Realtors [ACBR].  Esmael lives with his family in Atlanta, GA.

Dane Bailey

Vice President

Dane Bailey

Vice President

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Dane Bailey is a Vice President at the Net Lease Group and brings a background in structured commercial real estate finance. Dane performs financial analysis for capital placement mandates and underwriting for retail and industrial acquisitions/dispositions, including cash flow projections, corporate credit underwriting, market research, and valuations. He also provides due diligence documents and support on net lease projects throughout the transaction process.

Before joining the Net Lease Group, Dane worked at Capital One in New York City in their Commercial Real Estate Fund Finance/Institutional Specialties Group, focusing on the underwriting and structuring of Master Repurchase Agreements for large institutional non-bank providers of commercial real estate debt. Specifically, Dane focused on underwriting multifamily, industrial, office, and mixed-use assets under MRA facilities. He holds a  Georgia Real Estate License.

Dane graduated with a bachelor’s degree in Finance from the Farmer School of Business at Miami University in Oxford, Ohio. While not working, Dane enjoys running, playing golf and spending time with his family.

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