A New York City-based real estate investment trust is behind the recent purchase of the Cabela's retail store in Tilden Township.
W.P. Carey Inc. paid $55.2 million through a limited liability company for the property at 100 Cabela Drive and its adjacent parking lot in a transaction finalized Dec. 16.
Cabela's, which was acquired by Bass Pro Shops in 2017 for $4 billion, will remain the building's tenant, according to Guy Lawrence, a W.P. Carey spokesman.
W.P. Carey specializes in sale-leaseback transactions, in which a company sells a piece of real estate to an investor and simultaneously enters into a long-term lease.
Cabela's was already leasing the property from the seller, a limited liability company that shares an address with Fortress Investment Group, according to Lawrence.
W.P. Carey also performs build-to-suit transactions, which can fund the construction of a new facility or expansion of an existing structure.
The Reading Eagle previously reported Cabela's management was exploring plans to build a new retail business on a portion of its 49-acre parking lot.
Subdivision plans allowing for future land development were approved in November, according to documents filed with the Berks County Recorder of Deeds Office.
Neither Tilden Township nor PennTerra Engineering, which submitted the subdivision plans, are aware of any activity pertaining to specific prospective tenants.
It's the second time in less than a year the property was sold. Fortress purchased the site from Bass Pro in June for $33.6 million.