American Realty Capital - Retail Centers of America, Inc. Acquires Tiffany
Tiffany Springs MarketCenter Acquisition Brings Total Portfolio to Over $107
NEW YORK, Oct. 1, 2013
NEW YORK, Oct. 1, 2013 /PRNewswire/ --American Realty Capital – Retail
Centers of America, Inc. ("ARC Retail") announced today that it closed its
acquisition of the Tiffany Springs MarketCenter, located in Kansas City,
Missouri, on September 26, 2013, for a contract price of $53.5 million,
exclusive of closing costs. The purchase of the Tiffany Springs MarketCenter
represents ARC Retail's third acquisition of a retail power center with
multiple credit tenants. ARC Retail's portfolio now exceeds $107 million in
"ARC Retail's acquisition of Tiffany Springs MarketCenter, our third property,
remains consistent with our sector specific investment focus of buying
attractive power centers and lifestyle properties in the U.S. We continue to
accelerate the momentum from previous acquisitions, always looking for
opportunities to buy well-positioned centers, in growth markets with a strong
tenant base," said Nicholas S. Schorsch, ARC Retail's Chairman and Chief
Executive Officer. Mr. Schorsch explained, "We continue to take advantage of
attractive big-box investment opportunities while increasing our geographic
and tenant diversity."
The Tiffany Springs MarketCenter contains approximately 240,000 rentable
square feet and is 88% leased to 29 tenants. Three tenants, Best Buy (NYSE:
BBY), The Sports Authority and PetSmart (NASDAQ: PETM), represent 48% of the
annualized rental income of the property and are rated by major credit rating
The lease to Best Buy contains approximately 46,000 rentable square feet and
has a 10-year lease term which expires in January 2019.The lease to The
Sports Authority contains approximately 42,000 rentable square feet and has a
10-year lease term which expires in January 2019.The lease to PetSmart
contains approximately 25,000 rentable square feet and has a 10-year lease
term which expires in July 2018.
About ARC Retail
ARC Retail is a publicly registered, non-traded real estate investment trust
("REIT") which qualified as a REIT for tax purposes in the taxable year ended
December 31, 2012. For more information about ARC Retail, please visit our
website at www.retailcentersofamerica.com.
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 "will," "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: From: Anthony J. DeFazio, DDCworks, firstname.lastname@example.org, Ph:
(484-342-3600), For: Brian S. Block, EVP & CFO, American Realty Capital -
Retail Centers of America, Inc., email@example.com, Ph: (212-415-6500)
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