American Realty Capital Trust IV, Inc. (ARCT IV), a publicly registered, non-traded real estate investment program, announced this week that it had purchased two FedEx Ground distribution facilities and a CVS pharmacy for $8.6 million. The Independence, Kansas and Ottumwa, Iowa FedEx Ground distribution facilities contain approximately 23,400 and 29,300 rentable square feet and are 100% leased to a subsidiary of FedEx Corporation, which carries an investment grade credit rating as determined by major credit rating agencies. The CVS pharmacy contains approximately 10,000 rentable square feet and is 100% leased to CVS Caremark Corporation, which carries an investment grade credit rating as determined by major credit rating agencies.
Michael Weil, ARCT IV's President and Chief Operating Officer said of the deals, "ARCT IV has added two more national credit tenants to its portfolio during its initial acquisition phase." Mr. Weil continued, "We couldn't be more pleased with these acquisitions as we build a strong net lease portfolio that is firmly in line with our investment objectives." The company acquired its first property last month with the purchase of build-to-suit Dollar General store located in Buchanan Dam, Texas for $1.1 million.
For more news and information visit Blumberg Capital Partners.
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