LAKE COMO, N.J.--(BUSINESS WIRE)--Four Springs Capital Trust (“FSCT” or the “Company”) announced today that in December it closed on the acquisition of four properties: (1) a Family Dollar store located in Wichita, Kansas, (2) a Family Dollar store located in Keene, Texas, (3) a Family Dollar store located in Tyler, Texas, and (4) an O’Charley’s restaurant located in Burlington, North Carolina. The aggregate purchase price for the properties was approximately $5.7 million.
The two Family Dollar stores in Texas and the O’Charley’s restaurant were acquired under FSCT’s Property Exchange Program (PXP) in what is commonly known as an UPREIT transaction. Under the PXP, FSCT acquires properties in exchange for its shares or shares in its operating partnership. In these transactions, sellers receive similar tax deferral treatment as they would in a Section 1031 transaction. In essence, sellers in the PXP program exchange their interest in a single property for an interest in FSCT or its subsidiary, which owns a diversified portfolio of properties.
“We are pleased with the addition of these four properties to our portfolio,” William Dioguardi, President and Chief Executive Officer of FSCT commented. “We have added another way to grow our net lease REIT with the commencement of our Property Exchange Program. The acquisition of three properties in December was a solid way to start this program. We expect to receive continued interest in our Property Exchange Program from sellers because of the potential benefits of holding interests in our diversified REIT rather than individual properties.”
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 Cynthia Daly, Director of Acquisitions, at the Company at 877-449-8828 x7348 or firstname.lastname@example.org.