American Realty Capital Trust IV,
("ARCT IV" or the "Company") announced today that it closed on the acquisition
of two FedEx Ground distribution facilities located in Independence, Kansas
and Ottumwa, Iowa and a CVS pharmacy located in New Castle, Pennsylvania. The
aggregate purchase price of the three properties was $8.6 million, exclusive
of closing costs. The Independence, Kansas and Ottumwa, Iowa FedEx Ground
distribution facilities were purchased at capitalization rates of 7.7% and
7.6%, respectively, and the CVS pharmacy was purchased at a capitalization
rate of 7.7% (calculated by dividing annualized rental income on a
straight-line basis plus operating expense reimbursement revenue, less
property operating expenses, by base purchase price).
The Independence, Kansas and Ottumwa, Iowa FedEx Ground distribution
facilities contain approximately 23,400 and 29,300 rentable square feet,
respectively, and are 100% leased to a subsidiary of FedEx Corporation (NYSE:
"FDX"), which carries an investment grade credit rating as determined by major
credit rating agencies. The CVS pharmacy contains approximately 10,000
rentable square feet and is 100% leased to CVS Caremark Corporation (NYSE:
"CVS"), which carries an investment grade credit rating as determined by major
credit rating agencies.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in