Necessity Retail REIT Closes on $1.3B Portfolio Acquisition
The Necessity Retail REIT (RTL) said Monday that it had completed its $1.3-billion acquisition of 81 power, anchored and grocery centers from certain subsidiaries of CIM Real Estate Finance Trust. for $1.3 billion. The acquisition included the assumption of $356 million in debt.
RTL also said that year to date, it had acquired 93 properties for a total of $1.4 billion. The acquired properties total 10.2 million square feet and were acquired at a cash cap rate of 7.24% and a weighted-average capitalization rate of 8.60%.
CEO Michael Weil said following the close of the portfolio acquisition, the company’s holdings include more than 1,050 properties valued at $5.3 billion. “The transactions we have completed so far this year have deliberately focused our portfolio on necessity retail assets in suburban markets, including adding 13 grocery-anchored shopping centers, while decreasing our exposure to office assets to 1% of our straight-line rent.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).