ARC Registers New Retail Focused Non-Traded REIT

AR Capital has registered Retail Credit Property Trust Inc., a publicly registered non-traded real estate investment trust, which will offer $3.125 billion shares of common stock at $10 per share.

The new REIT will launch without AR Capital founder Nicholas Schorsch having any officer or director position. The new company will focus on grocery-anchored shopping centers leased to national and regional creditworthy tenants under long-term leases.

While Schorsch himself will not be at the helm, longtime business partner William Kahane will serve as chairman and chief executive officer of the company and its advisor, Retail Credit Advisors. Nicholas Radesca, another AR Capital insider, will serve as the chief financial officer, treasurer and secretary of the company and its advisor.

American Realty Capital X, the REIT’s sponsor, will oversee the property manager, the special limited partner, and the advisor, which is still controlled by Schorsch and Kahane.

This will mark the 22nd non-traded REIT for AR Capital, six of which have engaged in a liquidity event through listing on a national securities exchange or through a merger with a listed company.

Retail Credit Property Trust was formed to acquire a diversified portfolio of core commercial real estate investments primarily consisting of multi-tenant properties including grocery-anchored, community and neighborhood shopping centers located throughout the United States and leased to national and regional creditworthy tenants under long-term leases. The company is one of 15 publicly registered, non-traded REITs sponsored or co-sponsored by the American Realty Capital group of companies.