MLB CLP Fund LP acquired five LETCO (DBA Living Earth) locations in the Houston and Dallas areas, totaling 44.3 acres. The seller has structured the transactions as a sale-leaseback agreement, enabling the owner-occupant to sell the land and building used in its business operations to MLB Capital Partners and lease the property back with staggered lease terms ranging from 13-17 year terms. The investment provides a long-term cash flow stream along with appreciation of future redevelopment land tracts.
Living Earth is an industry leader in the business of green material recycling and production of mulch, compost and soil products. Founded in Houston in 1985, Living Earth currently operates 26 locations across Texas.