---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-134439"
form_type: "8-K"
ticker: "LOCL"
cik: "0001840780"
company_name: "Local Bounti Corporation/DE"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-16T01:36:29.651971+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Local Bounti completes $35M sale-leaseback of two CA facilities for non-dilutive cash

## Summary
- Sold Carpinteria and Oxnard facilities for $35M to STORE Master Funding XXXI; 25-year lease with four 5-year renewal options.
- Base annual rent $3.24M in year one, increasing 3% annually.
- Combined with up to $110M Cargill credit amendment, total up to $145M to support growth plans.
- Also entered term sheets for up to $90M USDA debt; initial $35M tranche expected Q2 2023.
- CFO says over $58M of capital is now available to fund operations.

## SEC filing metadata
- accession: 0001193125-23-134439
- form_type: 8-K
- ticker: LOCL
- cik: 0001840780
- company_name: Local Bounti Corporation/DE
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1840780/000119312523134439/0001193125-23-134439-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1840780/000119312523134439/d294170d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-134439
- JSON: https://secwatch.observer/filing/0001193125-23-134439.json
- Plain text: https://secwatch.observer/filing/0001193125-23-134439.txt

## Key facts
- Debt Financings
  Local Bounti Corporation/DE incurred lease obligation of $35 million multi-site sale and leaseback transaction with STORE Master Funding XXXI, LLC at Base Annual Rent of $3,237,500 increasing by 3% annually on each adjustment date maturing 25-year initial term expiring April 30, 2048, with four 5-year extension options through April 30, 2068.
  - Instrument: lease obligation
  - Principal: $35 million multi-site sale and leaseback transaction
  - Counterparty: STORE Master Funding XXXI, LLC
  - Rate: Base Annual Rent of $3,237,500 increasing by 3% annually on each adjustment date
  - Maturity: 25-year initial term expiring April 30, 2048, with four 5-year extension options through April 30, 2068
  - Event: incurrence
  source text: On April 27, 2023, Hollandia Real Estate, LLC (“Hollandia”), a wholly-owned subsidiary of Local Bounti Corporation (the “Company”), and STORE Master Funding XXXI, LLC (“STORE”) consummated a $35 million multi-site sale and leaseback transaction relating to the Carpinteria Facility and the Oxnard Facility
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312523134439/0001193125-23-134439-index.htm
- Material Agreements
  Local Bounti Corporation/DE entered into Master Lease Agreement with STORE Master Funding XXXI, LLC valued at $35 million (effective 2023-04-27).
  - Action: entry
  - Agreement: lease
  - Counterparty: STORE Master Funding XXXI, LLC
  - Value: $35 million
  - Effective: 2023-04-27
  source text: On April 27, 2023, Hollandia Real Estate, LLC (“Hollandia”), a wholly-owned subsidiary of Local Bounti Corporation (the “Company”), and STORE Master Funding XXXI, LLC (“STORE”) consummated a $35 million multi-site sale and leaseback transaction relating to the Carpinteria Facility and the Oxnard Facility (collectively, the “Hollandia Facilities”). In connection with the sale and leaseback transaction, Hollandia and STORE entered into a Master Lease Agreement (the “Lease”), dated April 27, 2023 (the “Effective Date”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312523134439/0001193125-23-134439-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.