CapLease Closes $364M Acquisition

(Read more on the net lease market.)

NEW YORK CITY-Capital Lease Funding Inc. has closed on a $364.4-million acquisition that includes 18 net-leased properties and $159.3 million of debt. Wachovia Bank NA provided locally based CapLease with a $211-million short-term bridge loan.

“We view this acquisition as a very important milestone for our company for several reasons,” says CEO Paul McDowell. “Our portfolio of high quality real estate assets now exceeds $2 billion, over 75% of which is owned office, industrial and retail properties. In a little more than three years since going public, we have built an owned property portfolio of over 10 million sf. In addition, this acquisition highlights our ability to successfully source, underwrite and close a large and complex portfolio of high quality assets.”