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ARC Picks Up 466,000-SF Home Depot Warehouse

NEW YORK CITY-Broad Street Advisors arranged the deal between American Realty Capital and the seller, USAA Real Estate, for the net-leased Columbia, SC facility.

By Paul Bubny | Updated on November 10, 2009

NEW YORK CITY-American Realty Capital, based here, has acquired a 465,600-square-foot Home Depot distribution facility in Columbia, SC in a deal arranged by Broad Street Advisors, also of New York City. Neither Broad Street nor ARC disclosed the purchase price, citing a confidentiality agreement with the seller, an affiliate of USAA Real Estate Co.

Nicholas Schorsch, CEO and chairman of ARC, tells GlobeSt.com the Home Depot center fits in with “a core discipline of ours: long-term net leases. This is kind of a perfect match for our business philosophy. We like to support investment-grade credits; we work very closely with the 350 investment-grade credits in the United States. This is a core facility for them, it’s in a great location and we like the credit of Home Depot.” The building supplies mega-retailer is signed to a long-term lease at the Columbia facility, which is scheduled to be completed later this month.

Broad Street managing partner Robert Rizzi says in a release that although “the commercial property sales market continues to be very sluggish,” the Home Depot deal is “a good example of how we’ve been able to identify select disposition opportunities that make good sense for particular clients. In this case, we’ve had longstanding relationships with both USAA Real Estate Co. and ARC.”

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