Welcome to the Age of the Sale-Leaseback: Mintz Levin’s Jeff Moerdler Previews CAPRE’s NorCal Digital Infrastructure Summit

CAPRE: Nice to connect with you, Jeff. We’ve always enjoyed hearing your perspective, and the same goes for our upcoming Northern California Digital Infrastructure Summit. Tell our readers about your expertise. Moerdler: I’m a transactional CRE lawyer and have been for 40 years. I have a specialty in telecom infrastructure transactions and I did my first telecom deal in 1986 and my first data center deal in 1990. I work on general commercial real estate as well as data centers and telecom infrastructure. It’s a little different from most other practices because we’re both vertically and horizontally integrated, with the largest component being data centers. We work at every point in the capital stack, ranging from representing tenant-landlords to owner-developers, operators, lenders, equity investors, etc. Horizontally, we also do a similar breadth of work in fiber, cellular, in-building wireless or distributed antenna systems and wiring buildings – every telecommunications aspect across the board and across the country. That depth and diversity distinguishes us – we’ve been on every side of the transaction at some point. CAPRE: So what are you seeing in the trenches? Moerdler: Recently, we’ve been very busy with sale-leaseback, and we have watched sale-leaseback transactions in the data center world evolve over time. They started happening 20-30 years ago, mainly for single-tenant enterprise data centers for Fortune 500 companies which would look for off-balance financing. They’d want to convert stranded capex into cash on their balance sheet,…