Big Lots Sells Apple Valley Distribution Center For $219M In Deal With Blue Owl Capital

The Big Lots distribution center in Apple Valley has been sold for $219 million as part of a larger deal with Blue Owl Capital. The property, located at 18880 Navajo Road, spans an impressive 1,340,000 square feet and sits on 106 acres of land in the Apple Valley market. The sale price equates to approximately $163 per square foot.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $219,000,000
• Address: 18880 Navajo Road
• Market: Apple Valley
• Square Footage: 1,340,000

The buyer, Blue Owl Capital, was represented by Doug Ostrover, while the seller, Big Lots, was represented by Bruce Thorn. This transaction not only included the sale of the distribution center but also involved the sale of 26 store locations. It is worth noting that Big Lots initially purchased the Apple Valley distribution center for $101 million. As part of the agreement with Blue Owl Capital, Big Lots re-established a 35-year lease while selling the property to enhance liquidity.