ExchangeRight Fully Subscribes $110M Net-Leased Portfolio
ExchangeRight, a real estate DST and REIT investments provider, announced it has fully subscribed its $110.2 million Net-Leased Portfolio 62 DST offering.
The portfolio includes 428,605 square feet of net-leased space for grocery, pharmacy, medical and other necessity-based national tenants. It is designed to offer monthly payments beginning at 5% annually.
FedEx, Dollar General, Pick ‘n Save, BioLife, Food Lion, Fresenius Medical Care, CVS Pharmacy and Family Dollar are among the eight generally recession-resistant tenants included in the deal, which spans 17 markets and 10 states.
The portfolio was launched with a 9.7-year weighted-average lease term and a loan-to-value of 44.04% using five-year non-recourse interest-only financing.
“Net-Leased Portfolio 62 is designed to deliver security for investors’ capital, generate stable income, and also provide investors access to our long-term aggregation strategy through multiple exit options, including another 1031 exchange, cash out option, or a tax-deferred exchange into a REIT,” said Warren Thomas, a managing partner at ExchangeRight.
The latest offering comes on the heels of the company’s $109.37 million fully subscribed Net-Leased Portfolio 61 DST announced last week.
ExchangeRight and its affiliates’ vertically integrated platform has over $5.6 billion in assets under management across more than 1,200 properties, and 23 million square feet spanning 47 states.
The firm manages net-leased portfolios of assets backed primarily by investment-grade corporations in the necessity-based retail and healthcare industries and diversified value-add portfolios of inline and outparcel retail properties anchored by high-performing grocery tenants.
