{"id":1004681525,"date":"2023-09-21T03:40:18","date_gmt":"2023-09-21T11:40:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004681525"},"modified":"2023-09-21T04:55:46","modified_gmt":"2023-09-21T12:55:46","slug":"exchangeright-reit-acquires-84-million-net-leased-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/","title":{"rendered":"Net-Leased Portfolio Commands $84M"},"content":{"rendered":"
\"Tenants<\/a>

Tenants of ExchangeRight’s fully subscribed net-leased portfolio 59 DST. Image courtesy of ExchangeRight<\/em><\/p><\/div>\n

In a deal valued at $84 million, ExchangeRight\u2019s Essential Income REIT has acquired a portfolio of 15 net-leased assets totaling 231,654 square feet.<\/p>\n

More than 94 percent of the acquired portfolio\u2019s base rent is generated from essential businesses, according to ExchangeRight. Among the tenants of these net-leased properties are CVS, Fresenius Medical Care, Pick\u2019n Save and Tractor Supply.<\/p>\n

The seller was not disclosed, and ExchangeRight did not reply to Commercial Property Executive<\/em>\u2019s query for this and other information about the deal.<\/p>\n

\n

READ ALSO<\/strong>: Net Lease Cap Rates Rise for 5th Straight Quarter<\/a><\/p>\n

\n

This acquisition brings the REIT\u2019s acquired assets to 352 net-leased properties totaling 4.7 million square feet and diversified across 34 states and 37 creditworthy national tenants, primarily investment-grade tenants operating essential businesses in recession-resilient sectors, including health-care and necessity-based retail.<\/p>\n

ExchangeRight reported that in connection with the acquisition, former investors of the seller performed a tax-deferred 721 exchange into the REIT\u2019s Operating Partnership, resulting in the issuance of $18.2 million of OP Units by the Essential Income REIT to new investors.<\/p>\n

In a prepared statement, Joshua Ungerecht, a managing partner at ExchangeRight, described the Essential Income REIT\u2019s aggregation strategy as beginning with \u201ca large, fully identified portfolio of rigorously vetted properties\u201d and resulting in \u201ca systematic pipeline of future acquisitions.\u201d<\/p>\n

That fully identified portfolio currently consists of nearly 950 net-leased properties nationwide.<\/p>\n

Better times ahead?<\/h2>\n

In late July, ExchangeRight fully subscribed its Net-Leased Portfolio 59 DST<\/a>, a $98.3 million offering with 15 properties totaling 261,644 square feet. All are net-leased to grocery, pharmacy, medical and other necessity-based national tenants: Mariano\u2019s, Walgreens, CVS Pharmacy, Dollar General, Dollar Tree, Tractor Supply and Fresenius Medical Care.<\/p>\n

A few months earlier, Alex Sharrin, senior managing director with JLL Capital Markets<\/strong>, had reviewed the recent developments<\/a> affecting the liquidity, transaction volume and lender mix in the net-lease sector. He concluded that an \u201caccelerated recovery\u201d is likely later in the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

ExchangeRight\u2019s Essential Income REIT purchased 15 properties encompassing more than 200,000 square feet. <\/p>\n","protected":false},"author":882,"featured_media":1004674198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,23891,21742,21749],"tags":[51644,44006],"class_list":["post-1004681525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-national","category-latest","category-retail","tag-exchangeright","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nNet-Leased Portfolio Commands $84M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"ExchangeRight\u2019s Essential Income REIT has acquired a portfolio of 15 net-leased assets totaling 231,654 square feet for $84 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Net-Leased Portfolio Commands $84M\" \/>\n<meta property=\"og:description\" content=\"ExchangeRight\u2019s Essential Income REIT has acquired a portfolio of 15 net-leased assets totaling 231,654 square feet for $84 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-21T11:40:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-21T12:55:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/ExchangeRight.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"797\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/\",\"name\":\"Net-Leased Portfolio Commands $84M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/ExchangeRight.jpg\",\"datePublished\":\"2023-09-21T11:40:18+00:00\",\"dateModified\":\"2023-09-21T12:55:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"ExchangeRight\u2019s Essential Income REIT has acquired a portfolio of 15 net-leased assets totaling 231,654 square feet for $84 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/exchangeright-reit-acquires-84-million-net-leased-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/ExchangeRight.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/07\/ExchangeRight.jpg\",\"width\":797,\"height\":600,\"caption\":\"Tenants of ExchangeRight's fully subscribed net-leased portfolio 59 DST. 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