American Realty Capital Healthcare Trust III, Inc. (Healthcare Trust III), a public, non-traded real estate investment trust (REIT), recently acquired a fee simple interest in a medical office building for $4.8 million, exclusive of closing costs.
Located in Clearwater, Florida, the property consists of 14,936 rentable square feet and as of April 20, 2015, the date of the acquisition, was 100% leased to three tenants.
Current lease agreements expire in November 2024 for two tenants and December 2024 for the third. All three agreements contain rental escalations.
The REIT funded the purchase with proceeds from its ongoing initial public offering.
Healthcare Trust III commenced its $3.1 billion public offering in August 2014. The REIT broke escrow in February 2015 after raising $2 million in equity and acquired its first property in early March 2015.