ExchangeRight, a sponsor of securitized 1031 exchange real estate offerings, has fully subscribed its Net-Leased Portfolio 44 Delaware statutory trust offering.
The all-equity offering launched on February 17th and raised approximately $23.8 million by June 2nd. Proceeds were used to purchase five single-tenant, net-leased properties that are 100 percent occupied by Dollar General, Natural Grocers, and Walgreens, which all remained open throughout the COVID-19 pandemic.
According to ExchangeRight, the offering is structured to generate monthly cash flow starting at 5.12 percent annualized in year one of ownership.
“This all-cash offering served a demand we had seen from investors looking for investments without financing,” said Warren Thomas, a managing partner of ExchangeRight.
ExchangeRight invests in properties leased to providers of necessity-based retail and medical services. The company and its affiliates’ platform has more than $3.6 billion in assets under management across more than 825 properties, totaling approximately 14 million square feet.