American Realty Capital Properties, Inc. (ARCP), an externally managed real estate company, announced this month that it had completed the acquisition of the French's Mustard headquarters located in Chester, New Jersey. Terms of the deal were not disclosed, but New York Citybizlist reported that the seller was Prospect Square LLC.
The 32,000 square foot property is 100% leased to French's Mustard's parent company, Reckitt Benckiser Group, a British multinational consumer goods company headquartered in Slough, United Kingdom. ARCP disclosed that the original lease has a 10-year term with 5.7 years currently remaining.
"We are pleased to add this property to our portfolio, and will continue to seek accretive acquisitions such as this one which contributes yet another name brand to our stable of high quality tenants," said Nicholas S. Schorsch, Chairman and Chief Executive Officer of ARCP. "This purchase will further enhance our portfolio's tenant mix and geographic diversification. We continue to take advantage of plentiful buying opportunities in the market consistent with our guidance model and our investment strategy."
For more news and information visit Blumberg Capital Partners.
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