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First, Bass Pro Shops Buys Cabela’s…
When Bass Pro Shops acquired Cabela’s in 2017 as part of a deal worth roughly 5.5 billion dollars, the future of the latter outfitter was put into question. This marked two of the world’s largest outdoors outfitters coming together in an unprecedented merger.
Would the stores combine? Would Bass Pro Shops simply absorb the Cabela’s brand? Could memberships transfer between the two? Would new mega-stores be opening? Would some stores be closing?
Loyal patrons of both retailers demanded answers.
Despite suggestions by Bass Pro Shops that the two brands would continue growing together, many now have new concerns. This comes on the heels of some major news this summer.
Then, They Sell Cabela’s…
Sansome Pacific Properties, a real estate investment firm located in San Francisco, is now the owner of eleven Cabela’s retail stores. These properties, amassing over 1.6 million square feet, cost the firm approximately $324.3 million dollars.
According to the company website, Sansome specializes “in the acquisition, development, and re-positioning of commercial single and multi-tenant assets throughout the United States.”
The purchase comes in the form of a sale-leaseback deal lasting 25 years, however. This means Bass Pro Shops will be able to continue utilizing the assets despite transferring ownership. The locations of the 11 Cabela’s stores have not been made public.
The sale adds to Sansome Pacific’s already impressive catalog. To date, Sansome has acquired 940 properties in 37 states totaling an astounding 14 million square feet. These commercial assets value at over 2.7 billion dollars. While the company’s website does not list the location of the 11 Cabela’s stores, it does feature an impressive catalog of assets owned by the company. Some of these include numerous CVS, Chili’s, Hardee’s, Walgreen’s stores and numerous banks.
As of this writing, there are currently 82 Cabela’s stores in the United States and Canada, meaning Sansome Pacific now owns over 13% of all Cabela’s stores in the country. For comparison, there are 177 Bass Pro Shops stores in the United States and