FALMOUTH, ME-American Realty Capital Properties Inc. on Monday said that it had acquired an office building here, net leased to TD Bank. It contains 143,030 rentable square feet for a contract purchase price of $31 million at a capitalization rate of 8.9%.
“Coupled with our purchase of a FedEx Ground facility this past week, we have made approximately $40 million of acquisitions which reflect our focus on assembling a portfolio of strong credit tenants,” Nicholas Schorsch, chairman and CEO of ARCP, says in a release. “We are pleased to have added TD Bank, a well-known nationally recognized banking institution, to our portfolio.”
This past Friday, ARCP said it had bought a FedEx Ground distribution facility in Lowell, AR for $8.8 million. The 68,425-square-foot property, net leased to a subsidiary of FedEx Corp., was acquired at a 9.0% cap rate.
Further, ARCP said Friday it that it has a pipeline of acquisitions under contract totaling approximately $167.2 million with an average remaining lease duration of 12.7 years. The average weighted cap rate for the deals is 8%, the company says.
“We continue to add credit tenants to our portfolio and have assembled an attractive second quarter 2013 pipeline,” Schorsch said in a statement this past Friday. “Our acquisitions team continues to find favorable buying opportunities in the net lease space.”
In late February, ARCP closed on its acquisition of American Realty Capital Trust III. The acquisition, crerating a company with a pro forma enterprise value of $4.1 billion, resulted in one of the largest publicly traded net lease REITs in the US.
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