CHARLOTTESVILLE, VA-American Realty Capital Properties' $2.2 billion acquisition of CapLease, which GlobeSt.com reported Tuesday, is more than just a lollapalooza of a transaction. It also gives ARCP much wanted exposure to the industrial market, a fair bit of which is in the Mid-Atlantic.

An SNL analysis of the transaction finds that the deal will add nine industrial properties accounting for about 5 million square feet to ARCP's portfolio. The industrial properties are primarily in Pennsylvania and Indiana. CapLease also has a single industrial property in Ashland, Va., in construction, which estimated to be completed at the end of the second quarter.

The majority of CapLease's portfolio, however, is in the office space and is concentrated in Texas, according to SNL. CapLease has 36 office properties accounting for more than 5.7 million square feet. Ten of those properties are in Texas, with strong exposure to the Dallas-Fort Worth-Arlington, Texas, and Houston-Sugar Land-Bayton submarkets. In total, CapLease owns nearly 1.5 million square feet of office space in Texas.

At the end of first quarter 2013, CapLease owned a portfolio of 64 operating properties scattered across 25 states, with an occupancy rate of 92.9%, SNL said.

CapLease also owns 15 single-tenant retail properties, for a total of 991,321 square feet. These properties are located mainly in Kentucky and Georgia.

Upon completion of the deal, American Realty Capital Properties expects to be the third-largest net-lease REIT in the U.S.