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.
"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.