NEW YORK CITY-American Realty Capital Trust filed plans to raise $87.3 million for an initial public offering and plans to offer 6.6 million shares of its common stock, SEC filings show. The move is part of a plan for the company to become a self-administered real estate investment trust and internalize the management services currently provided by American Realty Capital Advisors, LLC.
The non-traded REIT focuses on net-leasing pharmacies, banks, restaurants and convenience stores in high-traffic locations to high credit quality tenants.
The other big players in the single-tenant triple-net-lease retail space include Orlando-based National Retail Properties, Kansas City-based Entertainment Properties Trust and New York City-based Lexington Realty Trust. With this deal, ARCT will become the second largest REIT in the field next to NNN.
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