ExchangeRight, a sponsor of securitized 1031 exchange real estate offerings, has fully subscribed its Net-Leased Portfolio 51 Delaware statutory trust offering.
The offering launched in October 2021 and raised more than $46.7 million from accredited investors, which was deployed to purchase 24 fully occupied net-leased properties for $91 million.
The 324,400-square-foot portfolio spans 13 states and is leased to multiple tenants such as Bank of America, Citizens Bank, Dollar General, Dollar Tree, Family Dollar, Fresenius Medical Care, Hy-Vee, O’Reilly’s, Sherwin-Williams, Tractor Supply Company, Verizon Wireless, Walgreens and WellMed.
ExchangeRight said that the portfolio is structured to generate investor distributions starting at an annualized rate of 6.11 percent. The offering launched with a 5-year, fixed-rate interest-only financing at 3.56 percent.
“Offerings like this are the foundation of our continued success,” said Joshua Ungerecht, a managing partner at ExchangeRight. “We are pleased to continue serving the needs of investors, representatives and advisors with our strategy of acquiring and managing diversified portfolios of properties net-leased to recession-resilient tenants…”
ExchangeRight and its affiliates’ platform has more than $4.9 billion in assets under management, diversified across more than 1,100 properties totaling 20 million square feet in 46 states. The company invests in net-leased properties in the necessity-based retail and healthcare industries, as well as value-add inline and outparcel retail spaces shadow-anchored by grocery tenants.