ARCP Completes $600M Fortress Buy

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.”