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ExchangeRight Fully Subscribes $29 Million New York DST Offering

ExchangeRight Fully Subscribes $29 Million New York DST Offering. 1031 Exchange, alternative investments, Delaware statutory trust, DST, ExchangeRight, ExchangeRight Essential Income REIT, ExchangeRight Real Estate, retail
ExchangeRight Fully Subscribes $29 Million New York DST Offering. 1031 Exchange, alternative investments, Delaware statutory trust, DST, ExchangeRight, ExchangeRight Essential Income REIT, ExchangeRight Real Estate, retail

ExchangeRight, a sponsor of Delaware statutory trusts and real estate investment trust investments, announced that investors have fully subscribed ExchangeRight’s Essential Grocery DST, a $29.2 million all-cash offering featuring a 61,916-square-foot net-leased property tenanted by a ShopRite grocery store.

The private placement offering was structured to provide investors with monthly distributions starting at an annualized rate of 4.09% from in-place revenue.

ExchangeRight says that the ShopRite store in this offering is located in Uniondale, New York, and is ranked in the top 20% in estimated total visits for reporting grocery stores in NY state.

The company says its exit strategy for the offering intends to provide investors with a cash-out refinance option in addition to the ability to complete a 1031 exchange, 721 exchange, cash out or a combination of these options.

“We are pleased to provide access to our historically recession-resilient investment strategy for investors who need an all-cash offering,” said Joshua Ungerecht, a managing partner at ExchangeRight. “In addition to creating investments that provide capital preservation and stable income during difficult times like these, we are excited to provide a tax-deferred cash-out refinance option to investors, which may allow them to pull future cash out of the 1031 exchange cycle to be reinvested into more flexible wealth management alternatives.”

ExchangeRight reports that the company and its affiliates’ platform has more than $5.6 billion in assets under management that are diversified across more than 1,200 properties and over 23 million square feet throughout 47 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.

For more ExchangeRight news, please visit their directory page.