ExchangeRight, a sponsor of securitized 1031 exchange real estate offerings, has fully subscribed its Net-Leased Portfolio 52 Delaware statutory trust offering.
The offering launched in December 2021 and raised more than $60.8 million from accredited investors, which was deployed to purchase 26 single-tenant net-leased properties for $134 million. The nearly 450,000-square-foot portfolio is leased to retail, medical, banking and pharmacy tenants across 15 states.
CVS Pharmacy, Dollar General, Walgreens, Tractor Supply Company, Family Dollar stores, and First Midwest Bank have multiple locations in the portfolio, which is fully occupied. Other tenants include Dollar Tree, Fresenius Medical Care, Hobby Lobby, Natural Grocers, Octapharma, and Sam’s Club.
ExchangeRight said that the portfolio is structured to generate investor distributions starting at an annualized rate of 6.0 percent. The offering launched with 10-year, fixed-rate interest-only financing at approximately 3.47 percent.
“We are pleased that the diversity and size of our newest DST allows us to accommodate the wealth management needs of investors seeking resilient passive income,” said Warren Thomas, a managing partner at ExchangeRight. “We are honored by the trust that investors and their representatives and advisors continue to place in us for their wealth management and retirement needs with each offering we fully subscribe…”
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.
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