Four Springs Launches $48.3 Million All-Cash DST on Wisconsin Cabela’s Store

Four Springs TEN31 Xchange has acquired a 152,357-square-foot Cabela’s store in Richfield, Wis., and launched FSX Retail 37, DST, a $48.3 million all-cash Delaware statutory trust offering.

The offering is open to accredited investors under Rule 506(c) of Regulation D, with a $100,000 minimum investment. The company declined to disclose the offering’s one-year distribution rate.

The store is leased to Cabela’s Wholesale LLC under an absolute triple-net lease guaranteed by Great Outdoors Group LLC, the parent of Bass Pro Shops and Cabela’s.

“FSX Retail 37, DST brings together the characteristics that matter most to 1031 exchange investors: a long-term absolute NNN lease, contractual rent growth, and a guarantor with the scale and market position of Great Outdoors Group,” said Matt Woehnker, president of Four Springs Capital Markets.

Woehnker said the DST has no landlord obligations.

The store sits on about 33.1 acres at 1 Cabela Way, northwest of Milwaukee, where U.S. Highway 41, U.S. Highway 45, and State Highway 145 meet. It opened in 2006 and includes an indoor archery range, a freshwater aquarium, and an 18,085-square-foot museum focused on hunting, fishing, and conservation.

“A store configured with this level of experiential infrastructure, serving as one of only two Cabela’s locations in Wisconsin, is not easy to replicate or replace,” said Jared Morgan, head of acquisitions at Wheelhouse Capital Group, the parent company of Four Springs TEN31 Xchange.

Bass Pro Shops acquired Cabela’s in 2017 in a deal valued at about $5 billion. The combined company, Great Outdoors Group, operates about 200 Bass Pro Shops and Cabela’s stores in the U.S. and Canada and employs about 40,000 people, according to Four Springs.

FSX Retail 37 follows two industrial offerings from Four Springs earlier this year: FSX Industrial 35, seeking to raise $74.1 million; and FSX Industrial 36, seeking to raise $58.93 million. FSX Industrial 35 is a leveraged offering, while FSX Industrial 36 is all-cash.

The offering is distributed through Four Springs Capital Markets, the firm’s dealer manager. Founded in 2014, Four Springs TEN31 Xchange sponsors DSTs holding single-tenant industrial, retail, and medical properties. It is based in Wall Township, N.J.

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