ExchangeRight, a sponsor of securitized 1031 exchange real estate offerings, has fully subscribed its Net-Leased Portfolio 48 Delaware statutory trust offering.
The offering launched in late June 2021 and raised $39.3 million from accredited investors, which was deployed to purchase 21 fully occupied, net-leased properties for nearly $86.4 million. The offering was substantially completed in early September, and had the last investor closing on October 1, 2021, the company said.
The single-tenant properties total more than 287,000 square feet and are diversified across 11 states, including Georgia, Illinois, and Louisiana, and are leased to CVS, Dollar General, Dollar Tree, First Midwest Bank, Food 4 Less, Fresenius Medical Care, Memorial Health System, Sherwin Williams, Verizon, and Walgreens.
ExchangeRight said that the offering launched with 10-year interest-only financing at 3.2 percent and was structured to generate monthly cash flow to investors starting at 6.1 percent annualized.
“We are proud to continue to serve investors’ immediate and long-term needs with our latest offering,” said Warren Thomas, a managing partner of ExchangeRight. “Interest in our offerings remains high, and our teams are committed to bringing new diversified portfolios to the market…”
ExchangeRight invests in properties leased to providers of necessity-based retail and medical services. The company and its affiliates’ platform has more than $4.1 billion in assets under management across more than 950 properties, totaling approximately 17 million square feet.