NEW YORK CITY-American Realty Capital Properties Inc. said Thursday it had completed its acquisitions of a net lease portfolio from affiliates of funds managed by Fortress Investment Group LLC. First announced in late July, the acquisition covers 120 properties totaling 6.1 million square feet and a contract purchase price of $601.2 million.

“With the acquisition of this portfolio from Fortress, we have closed on another one of our previously announced large property purchases,” says Nicholas Schorsch, executive chairman and CEO of ARCP. A day after announcing the REIT‘s successful transition to self-management, “we have further added to our best-in-class portfolio with the purchase of these high quality net lease assets, diversified by geography, industry and tenant.”

The acquisition represents the lion’s share of a purchase and sale agreement that Fortress entered with ARCP, AR Capital LLC and certain other entities sponsored by AR Capital. That July 24 agreement covered a total of 196 properties for an aggregate contract purchase price of about $972.5 million, according to an SEC filing.

The Fortress portfolio that ARCP has closed on includes 17 tenants and has an average remaining lease term of 12.9 years. Largest of the tenants by annualized rental income are Goodyear Tire & Rubber, which represented 38.7% of the portfolio’s rental income as of Sept. 30, 2013; and CVS Caremark, which accounted for 25.5%. In a closing this past October, ARCP acquired 41 of the 120 properties for $200.3 million.