Short Takes – W.P. Carey, Phillips Edison-ARC Grocery Center REIT II, Dividend Capital, & Legg Mason

W.P Carey acquired an office facility just outside of Boston that is leased to Bose Corporation for $47 million while Phillips Edison-ARC Grocery Center REIT II and Dividend Capital’s daily NAV REIT also announced purchases. In addition, a Legg Mason affiliate and a couple of wirehouses have partnered to raise over $300 million for a middle market debt-focused non-traded offering.

Global net-lease REIT and sponsor to non-traded REITs, W.P. Carey, recently acquired a 250,813 square-foot office facility in a $47 million transaction. Located in Westborough Technology Park outside of Boston, the facility is leased to Bose Corporation, a leader in audio systems.

Non-traded REIT, Phillips Edison-ARC Grocery Center REIT II purchased a 75,020 square-foot shopping center in Sun City Center, Florida. Anchored by a Publix grocery store, the property, known as Kings Crossing, is the eighth property in the company’s portfolio and was purchased for approximately $14 million, exclusive of closing costs.

Dividend Capital Diversified Property Fund, a daily NAV REIT, has acquired a Denver, Colorado office property. The 262,000 of net rentable square feet are in two adjacent buildings and were acquired for a gross purchase price of approximately $75 million. The property was purchased using cash and proceeds from the REIT’s revolving credit facility.

Western Asset Middle Market Income Fund has completed pricing for its initial public offering. The non-diversified, non-traded limited term closed-end investment management company has raised gross proceeds of approximately $327 million in its common stock offering. The fund’s primary focus is to provide high income with a secondary focus of seeking capital appreciation. It is advised by Legg Mason Partners Fund Advisor, LLC and subadvised by Western Asset Management Company.