American Realty to spin off shopping center portfolio

Owner of Macy's megastore to hive off $2.2B in retail properties

New York /
Mar.March 13, 2014 03:21 PM

American Realty Capital plans to spin off its $2.2 billion portfolio of multi-tenant shopping center properties into a publicly traded real estate investment trust.

The Manhattan-based global real estate firm will own 25 percent of the new REIT, dubbed American Realty Capital Retail Centers of America, according to the company’s website. Investors will receive a share of the REIT for every 10 shares they own of American Realty.

Net operating income for the new property trust is expected to reach $139 million in 2014, the company told Bloomberg.

The firm, one of the biggest landlords for single-tenant buildings in the U.S., has been active in retail real estate as of late. In October of last year American Realty acquired Cole Real Estate Investments, a REIT which holds 3,700 retail, office and other properties, for $6.85 billion. The firm currently has spinoff trusts for hospitality and medical properties, and owns the retail space that Macy’s megastore leases at 1440 Broadway[Bloomberg] – Angela Hunt


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

When it comes to retail, “real estate in New York is fundamentally broken”
Donald Trump and Alex Adjmi (Photos via Getty; GOSO NYC)

Real estate investor Alex Adjmi receives presidential pardon

Real estate investor Alex Adjmi receives presidential pardon
Interior and exterior renderings courtesy of Urbanspace.

Urbanspace inks lease for Financial District food hall

Urbanspace inks lease for Financial District food hall
Brix Holdings CEO Craig Erlich (Photo via Brix; Getty)

Friendly’s saved from bankruptcy, preserving 130 locations

Friendly’s saved from bankruptcy, preserving 130 locations
North Point Mall in Alpharetta, Georgia (left) with Brookfield's Brian Kingston (iStock; Brookfield; Google Maps)

Converting empty malls to warehouses isn’t easy

Converting empty malls to warehouses isn’t easy
(iStock)

No check, please: Restaurants grapple with confusing Covid inspections

No check, please: Restaurants grapple with confusing Covid inspections
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...