American Realty Capital Props (ARCP) Closes $10M Acquisition of French's Mustard HQ

August 17, 2012 7:39 AM EDT
American Realty Capital Properties, Inc. (Nasdaq: ARCP) announced that it closed on the acquisition of the French's Mustard headquarters located in Chester, New Jersey, at a purchase price of $10.0 million, exclusive of customary closing costs. The capitalization rate is 9.64% (calculated by dividing annualized rental income on a straight-line basis by base purchase price). The original lease has a 10-year term with 5.7 years currently remaining.

The building contains approximately 32,000 rentable square feet and is 100% leased to French's Mustard's parent company, Reckitt Benckiser Group plc. (LSE: RB), a British multinational consumer goods company headquartered in Slough, United Kingdom. Reckitt Benckiser carries an investment grade credit rating as determined by major credit rating agencies.

This property represents the final purchase of 23 previously-announced properties by ARCP since the successful close of the Company's underwritten public offering in June 2012.

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