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Property Portfolio Sold for $601.2 Million

U.S.-based American Realty Capital Properties has purchased a property portfolio from affiliates of funds managed by Fortress Investment Group LLC for $601.2 million, excluding closing costs. 

The REIT is acquiring 120 properties, according to a company announcement. The portfolio includes 17 tenants with an average remaining lease term of 12.9 years. 

The location of the properties was not disclosed.

Amercian-Realty-Capital-Properties-logo.png"With the acquisition of this portfolio from Fortress," Nicholas S. Schorsch, ARCP chief executive, said in the announcement. "We have further added to our best-in-class portfolio with the purchase of these high quality net lease assets, diversified by geography, industry and tenant."

ARCP focuses on freestanding commercial real estate properties, with both mid-term and long-term leases, according to the company website. 

U.S.-based Fortress has approximately $58.0 billion of assets under management as of September 30, 2013.

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