Cabela's property in Mitchell listed for sale, seeking leaseback deal

Property was transferred in May, now listing price is $21.2M to be landlord to outdoor retailer

The exterior of Mitchell's Cabela's store, located along Interstate 90, is pictured on Monday, Dec. 2, 2019. (Matt Gade / Republic)

For an asking price of more than $21 million, the Mitchell Cabela’s store location is seeking a new landlord.

The store location at 601 Cabela Dr. is listed for sale and leaseback, according to an online listings. The listing is held by B+E, which is a New York digital investment brokerage firm that specializes in net lease real estate. The advertised price on the listing is $21,216,000.

B+E was already involved in a sale-leaseback deal with the Mitchell store in May. On May 9, Cabela’s transferred the property to a new limited liability company, CF Bass PropCo, for a sale price of $23,452,000, according to Davison County property records. That new LLC was formed in South Dakota on March 1 and has been transferring Cabela’s and Bass Pro Shops stores in other states in the aftermath of their 2017 merger.

In late May, it was announced that San Francisco-based Sansome Pacific Properties acquired 11 Cabela’s locations for a cost of $324.3 million in a deal brokered by B+E. Sansome Pacific lists the Mitchell store location as part of its property portfolio, and the deal included new 25-year leases set to run through 2044. The locations involved in that sale were not previously disclosed.

Generally, in a leaseback deal, the asset’s seller leases back the asset from the purchaser, or in this case Bass Pro Shops will leaseback the building and land from the purchaser. This method of sale can be beneficial when a company needs to use cash from selling high-cost fixed assets to put toward other investments, but they still need assets like store locations to operate, without increasing the debt load.


The Cabela’s property is being listed as a triple-net lease, meaning the tenant is generally responsible for paying not only rent but some or all of the expenses related to real-estate ownership. A triple-net lease can often pertain to the tenant paying property taxes, insurance and maintenance.

In the listing, the location is called “highly strategic,” because it is located about 250 miles from the next closest Bass Pro Shops or Cabela’s store. The listing also noted investors will benefit from South Dakota’s tax-free environment.

B+E also is currently listing a Bass Pro Shops location in Birmingham, Alabama with a listing price of $20.7 million and a Cabela’s location in Hamburg, Pennsylvania — one of the largest locations in Bass Pro Shops’ roster of stores at 243,217 square feet — with an asking price of $56.5 million. Both of those stores are also listed in Sansome Pacific’s portfolio. All 11 stores listed in the Sansome Pacific portfolio remain open.

Privately held Bass Pro Shops purchased Cabela’s in 2017 in a $5.5 billion deal. The new company had 184 retail stores at the time of the sale. The Cabela’s stores in Mitchell and Rapid City — which opened in 2008 — remain the sole South Dakota retail locations for the combined company. The Mitchell store was Cabela’s sixth U.S. location when it opened in 2000.

Bass Pro Shops and Cabela's representatives did not immediately respond for a comment on this story.

Related Topics: RETAIL
Traxler is the assistant editor and sports editor for the Mitchell Republic. He's worked for the newspaper since 2014 and has covered a wide variety of topics. He can be reached at
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