LAKE COMO, N.J.--(BUSINESS WIRE)--Four Springs Capital Trust (FSCT) announced today that on September 25, 2012 it closed on the acquisition of a Walgreens drug store located in Greenville, North Carolina. The total purchase price for the property was $5,625,000. This marks the 18th property in the FSCT portfolio.
The property consists of a freestanding, single-story 14,465 square foot building situated on a 1.25 acre parcel. It is leased to Walgreen Co., which carries an investment-grade credit rating, as determined by major credit rating agencies. The initial 25-year lease term expires on January 31, 2030, so there are more than seventeen years remaining on the initial term of the lease. There are ten five-year renewal options at the end of the initial lease term.
“We are very pleased with the acquisition of this Walgreens property,” William Dioguardi, President and Chief Executive Officer of FSCT commented. “This property will further enhance our ability to generate stable, predictable income for our shareholders by providing current income from an investment-grade rated tenant under a long-term lease.”
Four Springs Capital Trust is a private real estate investment trust focused on acquiring a diversified portfolio of net-leased properties leased to investment-grade and other creditworthy tenants under long-term leases.
For more information about this announcement, please contact William Dioguardi at 877-449-8828 or firstname.lastname@example.org.