A transaction in commercial real estate where, upon completion of the sale, the seller immediately leases back the property from the new owner (i.e. buyer). The lease is generally NNN and long-term, and converts the seller/lessee from an owner to a tenant. This type of transaction typically occurs where the business, financing, accounting, or tax benefits of leasing outweigh the benefits of owning. Some consider this mechanism a hybrid debt product, whereby the seller/lessee decreases its actual debt load while freeing up capital.