Spirit Realty Capital Inc. has acquired 123 single-tenant properties for approximately $435 million in cash. The transaction was executed at an approximate 7.86% initial capitalization rate with rents of $34.2 million, a weighted average remaining lease term of 8.7 years and approximately 2 million leasable square feet.
“We are excited to announce this transaction, which added many high-quality tenants and concepts to our portfolio, particularly in the restaurant, auto-related and home furnishings industries,” stated Jackson Hsieh, President and Chief Executive Officer.
According to Hsieh, “This transaction provided a unique opportunity to acquire high-quality real estate, in solid trade areas with tenants we know well at an attractive risk-adjusted return.”
Spirit Realty Capital Inc. is a net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term net leases.
In other Spirit news, as The REIT Wire recently reported, Spirit MTA REIT has completed its previously revealed sale of assets to Hospitality Properties Trust. The company also successfully recovered all amounts owed under the Shopko B-1 Term Loan, and on September 12, 2019, closed on the sale of its PwC property for net proceeds of $1.9 million.