ExchangeRight, a sponsor of securitized 1031 exchange real estate offerings, has fully subscribed its Net-Leased Portfolio 50 Delaware statutory trust offering.
The offering launched in September 2021 and raised more than $57.2 million from accredited investors, which was deployed to purchase 30 fully occupied net-leased properties for $124 million.
The 677,000-square-foot portfolio is leased to CVS Pharmacy, Dollar General, Dollar Tree, Family Dollar, First Midwest Bank, Fresenius Medical Care, Octapharma Plasma, Publix, Sherwin-Williams, Walgreens and WellMed. The single-tenant properties are diversified across 17 states.
ExchangeRight said that the offering is structured to generate monthly cash flow to investors, starting at an annualized rate of 6.12 percent. The offering launched with 10-year, fixed-rate, interest-only financing at 3.26 percent.
“We are grateful for those investors, advisors and representatives who have placed their trust in us to steward the wealth they have invested in Net-Leased Portfolio 50,” said Warren Thomas, a managing partner in ExchangeRight.
ExchangeRight and its affiliates’ platform includes more than $4.8 billion in assets under management across 1,050 properties totaling 19 million square feet in 44 states, as of March 31, 2022. 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.