Huntington Beach, Calif.-based Boardriders’ Asia-Pacific headquarters is being shopped to prospective tenants of the Burleigh Heads campus, despite several more years left on the original lease agreement.
The property in Queensland, Australia is being marketed by global commercial real estate firm CBRE, according to the brokerage’s sublease listing for the site.
Boardriders owns a portfolio of surf and skate brands that includes Quiksilver, Roxy, DC Shoes, Billabong, RVCA and Element.
Boardriders had eight years left on the lease as of late July when property owner AIMS APAC REIT offered investors a quarterly update on its portfolio.
The property is on a roughly 8.2-acre site. It totals 160,780 square feet of office, warehouse and retail space, according to marketing materials.
Signs of Change?
That the campus is available for sublease comes at an interesting time for Boardriders whose owner, Oaktree Capital Management, is selling the business to Authentic Brands Group.
The deal was originally announced in March and is expected to close this quarter.
Authentic has offered few details on the go-forward for the business once the deal closes, including the footprint of its offices and workforce.
Aside from the property in Australia, Boardriders also has global and Americas headquarters in Huntington Beach and an office for its Europe, Middle East and Africa business in Saint-Jean-de-Luz, France.
A subsidiary of Boardriders entered into a sale-leaseback transaction with Singapore-based AIMS in May 2019.
AIMS, an investor of warehouse and logistics properties, bought the campus for AU$38.5 million and leased it back to Boardriders for a 12-year term.
The deal also included a mid-lease term rent review and a renewal option for a five-year extension. Net income from the property in the lease’s first year was estimated to be AU$3 million, according to an AIMS presentation at the time of the transaction’s announcement.
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