American Realty Capital buying FedEx Freight facility
American Realty Capital Trust is buying a one-year-old FedEx Freight facility in Houston, USA, from PinPoint Commercial for approximately $30.9m.
American Realty Capital Trust is buying a one-year-old FedEx Freight facility in Houston from PinPoint Commercial for approximately $30.9m.
FedEx Freight East has a net lease on the 153,000-square-foot building for 15 years with up to two successive five-year extensions.
About 50% of the purchase price is being financed by a mortgage loan through a European bank, with the remaining funds coming from American Realty Capital.
Following the transaction, which is set to close on 15 June, American Realty Capital will own 93 properties worth about $180m. The Pennsylvania-based real estate investment trust focuses on buying single-tenant properties that are net leased to investment grade and creditworthy tenants.
