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The opportunity in many of the locations for a single-tenant net lease investment provides attractive long-term rental rates and built-in traffic patterns.
WP Carey Inc. has entered into an agreement with its existing tenant, Cuisine Solutions, to invest $75 million in a 290,000-square-foot build-to-suit food production facility in San Antonio.
Boulder says the rise in cap rates is mainly due to investor concern about the evolving retail environment, store footprints for big box retailers and the cost associated with filling big box properties.
The company had reported the sale of the 38 properties was valued at an aggregate purchase price of $385.0 million. The amended portfolio sale of 28 properties is now valued at approximately $282.5 million.
In the fourth quarter, the Rochester, NY-based private REIT managed by Broadstone Real Estate, LLC, purchased 43 properties for approximately $241.5 million.