Transaction Summary
The Company
Founded in 1998, SolAero Technologies Corp. is a leading provider of high efficiency solar cells, solar panels and composite structural products for satellite and aerospace applications. SolAero is a leader in the development, manufacturing and delivery of high efficiency solar cells, Coverglass Interconnected Cells (CICs) and solar panels to the aerospace industry. The products are viewed as mission‐critical as a satellite’s operational success depends on its available power and capacity to transmit data. SolAero manufactures its products in a specialized solar cell foundry enabling high‐volume, cost‐effective solar cell production.
The Situation
SolAero is a privately held company that had the benefit of a recent restructuring of its debt and equity position with its largest debt holders converting debt equity. The business had a backlog of business, which would drive its growth for the foreseeable future. A sale-leaseback of this Albuquerque, NM HQ and main industrial facility would provide working capital for the business.
The Transaction
Keen aggressively marketed the opportunity to industrial investors and sale-leaseback investors. Our outreach generated significant interest and several offers. The offer that SolAero eventually moved forward with and closed on was above the offering asking price.
Sale-Leaseback Opportunity
10420 Research Road SE, Albuquerque, NM
- Total building area: 101,700 SF on 7.04 +/- acres
- The property is approximately 84% (85,428 SF) clean room/lab space, including the 16,700 SF high-bay clean room manufacturing area added in 2006.
- SolAero’s end market consists of satellite manufactures focused on commercial, national security and civil space end markets.
- SolAero Technologies Corporate Headquarters is located in the internationally recognized, master-planned, and strategically located, Albuquerque’s Sandia Science & Technology Park
