June 28 (Bloomberg) -- American Realty Capital Properties Inc. completed the purchase of 447 properties mainly used by restaurants from General Electric Co.’s finance arm for $774 million after agreeing to take 24 sites out of the deal.
The buildings are mostly rented out to tenants that operate national food chains including Arby’s, Burger King, Taco Bell, and Wendy’s, American Realty said in a statement today. The deal with GE Capital means the New York-based company has made about $1.14 billion in acquisitions this year, American Realty said.
“These properties represent a diverse and accretive addition to our best-in-class net lease real estate portfolio,” Chief Executive Officer Nicholas Schorsch said in the statement “We completed this transaction quickly while adding $366.6 million of other net lease properties in 2013.”
The real estate investment trust said its purchase of CapLease Inc., a deal valued at $2.2 billion including debt, is expected to be completed by the end of the third quarter. CapLease owns real estate across the U.S. ranging from single-tenant office buildings to distribution centers. American Realty is expanding its portfolio of single-tenant buildings and said it expects to own more than 1,250 properties once the CapLease deal is concluded.
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