ExchangeRight, a sponsor of securitized 1031 exchange real estate offerings, has fully subscribed its Net-Leased Portfolio 45 Delaware statutory trust offering.
The offering launched on March 23, 2021 and raised $31.5 million from accredited investors, which was deployed to purchase 17 fully occupied, net-leased properties for nearly $68.2 million. The equity raise was completed on May 7th.
The single-tenant properties are diversified across 16 markets in 10 states, including Alabama, Michigan, Ohio, and Wisconsin, and tenants include BioLife, Fresenius Medical Care, Walgreens, and Tractor Supply.
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 are pleased to provide the market with another portfolio focused on essential businesses…,” said Joshua Ungerecht, a managing partner of ExchangeRight. “Like all of our net lease offerings, Net-Leased Portfolio 45 DST features a strategically diversified portfolio of assets backed by national tenants with strong financials and operations.”
Last week, The DI Wire reported that ExchangeRight fully subscribed Net-Leased Portfolio 44 DST, an all-equity offering that launched in mid-February and raised approximately $23.8 million by June 2nd.
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.