Spirit Realty Capital Spends $435M On Single-Tenant Commercial Properties
Dallas-based Spirit Realty Capital has acquired 123 single-tenant retail properties for approximately $435M, pulling 78 restaurants and dozens of traditional retail spaces into its portfolio.
The portfolio includes assets across 26 states, with no state carrying more than 13.8% of the total rent collected from the properties.
Spirit said investment in each property came in at $3.5M on average, and the company expects 92% of the portfolio's rents to escalate. The total rent collected on the properties is equal to $34.2M.
Approximately 71% of the rent comes from service retail tenants, with 29% associated with traditional retail.
“We are excited to announce this transaction, which added many high-quality tenants and concepts to our portfolio, particularly in the restaurant, auto-related and home furnishings industries,” Spirit President and CEO Jackson Hsieh said.
“This transaction provided a unique opportunity to acquire high-quality real estate, in solid trade areas with tenants we know well at an attractive risk-adjusted return.”
