Southern Net-Lease Portfolio Commands $34M

Ameris Bank originated a seven-year, $20.4 million acquisition loan for the buyer, ExchangeRight.

2464 Roswell Road. Image via Google Street View

ExchangeRight has finalized the $34.3 million portfolio acquisition of 11 net-leased properties totaling 126,214 square feet in the South. The company financed the purchase across 11 markets with a seven-year, $20.4 million loan from Ameris Bank, public records show.

The deal includes seven single-tenant retail buildings and four single-tenant medical office buildings, according to an investment memorandum filed by ExchangeRight. The properties are located in Alabama, Georgia, North Carolina, South Carolina and Tennessee and were completed between 2001 and 2020.

The retail assets are leased to CVS Pharmacy, Walgreens, Dollar General, Dollar Tree and Tractor Supply. All four medical office buildings are leased to affiliates of Fresenius Medical Care. Each of the leases expires in 10 to 15 years and has between three and eight five-year extension options with scheduled rent increases.

The largest property in the portfolio is a 15,070-square-foot Walgreens in the  Atlanta suburb of Marietta, Ga. Retail Planning Corp. sold the asset for $5 million, according to public records. Located on 2 acres at 2464 Roswell Road, the property was completed in 2001. Walgreens’ lease, set to expire in 2031, includes eight five-year extension options.

In June, The Largo Group arranged an $83.3 million loan for a portfolio acquisition of eight grocery-anchored retail assets in the Midwest and South. The properties total 945,000 square feet and are leased to Giant, Publix and Walmart.

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