ExchangeRight, a sponsor of securitized 1031 exchange real estate offerings, has fully subscribed its Net-Leased Portfolio 46 Delaware statutory trust offering.
The offering launched on April 30 and raised nearly $38.7 million from accredited investors, which was deployed to purchase 16 single-tenant net-leased properties for $81.1 million. The company said that the equity raise was completed on June 17.
The 16 properties are 100 percent occupied by businesses that provide essential products and services, including Publix, Fresenius Medical Care, CVS, and Family Dollar.
ExchangeRight said that the offering launched with 10-year interest-only financing at 3.38 percent and was structured to generate monthly cash flow to investors starting at 6.15 percent annualized.
“We continue to see strong investor demand for offerings designed to provide stable income through economic cycles, and we continue to strive to meet that demand as efficiently as we can without compromising our rigorous investment principles,” said Warren Thomas, a managing partner of ExchangeRight.
Last month, the company fully subscribed Net-Leased Portfolio 45 DST after raising approximately $31.5 million from investors.
ExchangeRight invests in properties leased to providers of necessity-based retail and medical services. The company and its affiliates’ platform has more than $3.8 billion in assets under management across more than 875 properties, totaling approximately 14 million square feet.