American Realty Capital Partners, a commercial property investor, bought 447 properties mostly used by fast-food restaurants from GE Capital for $774 million, Bloomberg News reported.
The buyer, headquartered on the 15th floor of 405 Park Avenue, came to an agreement after 24 sites were removed from the deal. Many of the building tenants operate such chains as Taco Bell, Wendy’s, Arby’s and Burger King, the report said.Based in Norwalk, Conn., GE Capital is the corporation’s finance arm.
American Realty has made about $1.14 billion in acquisitions so far this year, the company said in a release cited by Bloomberg. In March, American Realty offered $5.7 billion to acquire the Phoenix-based real estate investment trust Cole Credit Property Trust III, as previously reported.
American Realty’s focus right now is on single-tenant buildings. It hopes to close its $2.2 billion deal to buy CapLease in the third quarter, the publication said. [Bloomberg News] – Mark Maurer