Two properties are located in Birmingham, AL, one is in Sandy, UT, one is in Kansas City, KS, and the fifth is in Austin, TX. The properties have a weighted average remaining lease term of approximately 16 years.
The acquisitions are scheduled to close today. A spokesperson tells GlobeSt.com that the company is under a confidentiality agreement until the closing and could not provide additional information regarding the properties.
"The acquisition of these five properties leased to the United States Government marks our continued penetration of this market," says Paul McDowell, CapLease's CEO. "We believe that owning properties leased to the federal government will provide exceptionally stable, long-term returns for our shareholders."
The REIT focuses on financing and owning commercial real estate that is net leased primarily to single tenants with investment grade or near investment grade credit ratings. Earlier this month, the firm made its first Dallas-area purchase with the $46-million acquisition of a two-building portfolio from Allianz Life Insurance. The REIT filed a $240-million IPO in March 2004.
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