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PHOENIX-In March 2013, American Realty Capital Properties Inc. made an unsolicited bid to acquire local non-traded REIT Cole Credit Property Trust III in a deal valued at $9 billion. But CCPT III, on track to acquire Cole Holdings Corp., refused the offer, leading to a weeks-long salvo of acrimonious back-and-forth between the two REITs. The result was that CCPT III adhered to its original plans while ARCP went on to acquire CapLease for $2.2 billion.

To coin a cliché, what a difference a few months makes.

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