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New York

American Realty throws down $417M for 40 U.S. buildings

American Realty's Nicholas Schorsch
American Realty's Nicholas Schorsch

New York-based American Realty Capital Properties is in contract to acquire 40 single-tenant buildings for $416.5 million, Bloomberg News reported.

The properties are spread across 20 states and net-leased to 26 tenants. The purchases help the REIT sponsor to meet its goal of $1.1 billion in acquisitions in the second half of the year. The buildings are to be bought at an 8.8 percent average capitalization rate.

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Net-lease landlords rent buildings to one tenant. Occupants pay maintenance costs and property taxes and other expenses. The board of American Realty approved the $416.5 million acquisition in two portions earlier this month, according to today’s statement. The sellers were not provided, the report said.

The firm, headquartered at 405 Park Avenue, is a sponsor of nine real estate investment trusts, including New York Recovery REIT. [Bloomberg News] — Mark Maurer

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American Realty CapitalNicholas Schorsch