PHOENIX, Aug. 11, 2020 /PRNewswire/ — VEREIT, Inc. (NYSE: VER) and Ocean West are pleased to announce the acquisition of a 2.3 million square foot distribution and warehouse facility leased by an investment grade home improvement retailer. The property is located in Dallas, Texas and was acquired at a purchase price of $246.7 million. The asset is strategically located for supply chain efficiency, and is a newly-constructed, build-to-suit property with a twenty-year lease.
The acquisition is part of VEREIT’s industrial partnership with Korea Investment & Securities Co., Ltd. (“KIS”), which is advised by Ocean West Capital Partners LLC (“Ocean West”). The partnership focuses on the acquisition of single-tenant industrial assets under long-term leases to investment-grade tenants. To date, the partnership has acquired approximately $653.7 million in assets. This acquisition is the seventh property in the portfolio.
“The property’s logistically desirable location along with the tenant’s creditworthiness and the established long-term lease, make this a strong investment for the growing partnership. VEREIT will continue to expand this portfolio by seeking out high-quality assets that play a necessary role in the industrial market,” stated Thomas W. Roberts, Executive Vice President and Chief Investment Officer at VEREIT.
NorthPoint Development developed the property and stayed on as a joint venture partner. CBRE National Partners represented the parties in the disposition and joint venture transaction.
“We are pleased to announce another successful acquisition with our partners at VEREIT and look forward to acquiring additional high-quality assets,” stated Russ Allegrette, Principal at Ocean West.
VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. VEREIT has total real estate investments of $14.7 billion including approximately 3,800 properties and 88.9 million square feet. VEREIT’s business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. VEREIT is a publicly traded Maryland corporation listed on the New York Stock Exchange. VEREIT uses, and intends to continue to use, its Investor Relations website, which can be found at www.VEREIT.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about VEREIT can be found through social media platforms such as Twitter and LinkedIn.
About Ocean West
Ocean West Capital Partners is a full-service real estate investment, operations, and management platform. Since its formation in 2009, Ocean West has acquired, and operated office, industrial and multifamily residential investments valued over $3.5 billion and completed over $6.5 billion of commercial real estate transactions. Ocean West has managed over 13 million square feet of commercial and multifamily properties for its own account and on behalf of third-party owners and loan servicers. Learn more about Ocean West by visiting www.oceanwestcp.com.
Information set forth herein contains “forward-looking statements” which reflect expectations and projections regarding future events and plans including the current and future acquisitions of the industrial partnership, the asset location, the tenant and its creditworthiness, the strength of the investment and the growth of the industrial partnership. Generally, the words “anticipates,” “assumes,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “targets,” “will,” variations of such words and similar expressions identify forward-looking statements. These forward-looking statements are based on information currently available and involve a number of known and unknown assumptions and risks, uncertainties and other factors, which are difficult to predict and beyond VEREIT’s control, that could cause actual events and plans or could cause VEREIT’s business, financial condition, liquidity and results of operations to differ materially from those expressed or implied in the forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the duration and extent of the impact of COVID-19 on VEREIT’s business, the industrial partnership and the businesses of its tenants (including their ability to timely make rent payments) and the economy generally; federal, state or local legislation or regulation that could impact the timely payment of rent by tenants in light of COVID-19; VEREIT’s ability to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all; risks associated with tenant, geographic and industry concentrations; risks accompanying the management of the industrial partnership and office partnership; competition in the acquisition and disposition of properties and in the leasing of its properties including that VEREIT may be unable to acquire, dispose of, or lease properties on advantageous terms or at all; risks associated with bankruptcies or insolvencies of tenants, from tenant defaults generally or from the unpredictability of the business plans and financial condition of tenants, which are heightened as a result of the COVID-19 pandemic; the ability to retain or hire key personnel; and continuation or deterioration of current market conditions. Additional factors that may affect future results are contained in VEREIT’s filings with the U.S. Securities and Exchange Commission (“SEC”), which are available at the SEC’s website at www.sec.gov. VEREIT disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or factors, new information, future events or otherwise, except as required by law.
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SOURCE VEREIT, Inc.