American Realty Capital -- Retail Centers of America, Inc. Acquires San Pedro
Crossing Shopping Center
NEW YORK, Dec. 28, 2012
NEW YORK, Dec. 28, 2012 /PRNewswire/ --American Realty Capital – Retail
Centers of America, Inc. ("ARC RCA") announced today that, on December 21,
2012, it closed its acquisition of the San Pedro Crossing Shopping Center
located in San Antonio, Texas, at a purchase price of approximately $32.6
million, exclusive of closing costs. The purchase of the San Pedro Crossing
Shopping Center represents ARC RCA's second acquisition of a retail power
center with multiple credit tenants. ARC RCA funded the acquisition with both
equity and debt financing.
(Logo: http://photos.prnewswire.com/prnh/20120611/NY22540LOGO )
"ARC RCA's second acquisition strongly demonstrates its focus on building a
portfolio of retail power centers with a host of national tenants," said
Nicholas S. Schorsch, ARC RCA's Chief Executive Officer. Mr. Schorsch
continued, "With the Company's partner, Lincoln Property Company, it continues
to find attractive buying opportunities in the current environment and this
acquisition is truly demonstrative of those efforts."
The property contains 201,965 rentable square feet and is 97% leased to 10
tenants. Three tenants, Toys/Babies "R" Us, Barnes & Noble (NYSE: "BKS") and
The Container Store, represent 62% of the annualized rental income of the
property. Both Toys/Babies "R" Us and The Container Store are rated by major
credit rating agencies.
The Toys/Babies "R" Us lease commenced in May 2011 and has a lease term of 10
years which expires in January 2021. The Barnes & Noble lease began in May
1996 and has a lease term of 18 years which expires in February 2014. The
lease to the Container Store commenced in July 1997 and has a lease term of 21
years which expires in January 2018.
ARC RCA is a publicly registered, non-traded real estate investment program.
The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements involve risks and
uncertainties that could cause the outcome to be materially different. In
addition, words such as "anticipate," "believe," "expect" and "intend"
indicate a forward-looking statement, although not all forward-looking
statements include these words.
SOURCE American Realty Capital - Retail Centers of America, Inc.
Contact: Tony DeFazio, +1-484-342-3600, firstname.lastname@example.org
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