PHOENIX, March 18, 2014 /PRNewswire/ -- Cole Capital™, the private capital management business of American Realty Capital Properties, Inc., today announced that Cole Credit Property Trust V, Inc. ("CCPT V"), Cole Capital's newest sponsored non-listed REIT, acquired its first two net lease retail properties, for a total purchase price of approximately $2.1 million.
The first two assets acquired by CCPT V were:
A fully renovated Advanced Auto Parts (S&P 'BBB-') store located in Fairmont, North Carolina, in the Fayetteville MSA. The purchase price of the 6,960-square-foot property was approximately $1.2 million. There are nearly 10 years remaining on the current lease, plus tenant renewal options.
A newly built Dollar General (S&P 'BBB-') store located in Moundridge, Kansas, in the Wichita MSA. The purchase price of the 9,100-square-foot property was approximately $900,000. There are nearly 15 years remaining on the current net lease, plus tenant renewal options.
"The creditworthiness of the tenants, coupled with the properties' long-term leases, scheduled rent increases and geographic diversity, make these strong initial acquisitions for CCPT V," said Michael Ezzell, Executive Vice President for Private Capital Markets for American Realty Capital Properties, Inc.
About Cole Capital™ Cole Capital™, American Realty Capital Properties, Inc.'s private capital management business, is a leading sponsor and advisor to publicly registered, non-listed REITs. Additional information about Cole Capital can be found on its website at www.colecapital.com.
Forward-Looking Statements The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words.