iStar (STAR) announces $3.1 billion sale of net lease assets.

iStar Inc. (STAR) announced today that it has reached an agreement to sell a portfolio of managed net lease assets for $3.07 billion.  The 18.3 million sf portfolio is diversified across office, industrial, and entertainment properties and located throughout the country.

The net lease portfolio is being purchased by Carlyle's Global Credit platform, who are expected to retain a number of iStar's net lease management staff.  The purchase transaction is expected to close in the first quarter of 2022.

"The sale of our net lease portfolio is the culmination of a highly successful investment strategy for iStar and the result of the outstanding efforts of our net lease team, led by Barclay Jones and Catherine Tenney.  We are pleased to sign an agreement that will recognize the value that we have built up over many years and that will enable the team to continue taking advantage of opportunities in the net lease space on behalf of Carlyle and its investors," said Jay Sugarman, Chairman and Chief Executive Officer. "For us, this sale continues the execution of our announced corporate strategy of simplifying our portfolio and focusing on the ground lease business, which we view as the next evolutionary wave in commercial real estate."