RumbleOn signs $56.9M sale-leaseback on 9 properties; proceeds to reduce debt

RideNow Group, Inc.

Aggregate purchase price $56,858,693 from NNN REIT for 9 properties across multiple states.
Expected net cash proceeds ~$55 million after taxes/fees; company will use proceeds to reduce debt.
15-year triple net leases with five 5-year renewal options; base rent $4.26M/yr with CPI cap at 2%.
Buyer has inspection periods and may terminate for any property for any reason; closings within 10 days after inspections.
RumbleOn subsidiaries will lease back properties; RumbleOn guarantees all tenant obligations under the leases.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RideNow Group, Inc. entered into Real Estate Purchase and Sale Contract with NNN REIT, LP valued at $56,858,693 (effective 2023-08-22).

Action: entry
Agreement: asset purchase
Counterparty: NNN REIT, LP
Value: $56,858,693
Effective: 2023-08-22

Exact text from the filing

On August 22, 2023, RumbleOn, Inc. (the “Company”) entered into a Real Estate Purchase and Sale Contract (the “Purchase Agreement”), with NNN REIT, LP (“NNN REIT”), providing for the sale by the Company, as seller, and the purchase by NNN REIT, as buyer, of nine separate properties (each, a “Property” and collectively, the “Properties”) in exchange for an aggregate purchase price of $56,858,693.

View on SEC.gov

85 material agreements filed in the last 30 days. Browse all material agreements →

RideNow Group, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-071302

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.