The Necessity Retail REIT (RTL) has completed the second tranche of its acquisition of 81 grocery-anchored shopping centers from CIM Real Estate Finance Trust, bringing its total portfolio purchase from CIM to $1.3B. including debt assumed of $356M.
The acquired properties total 10.2M SF and were acquired at a cash cap rate of 7.24% and a weighted-average cap rate of 8.6%.
The completion of the second tranche of the acquisition from CIM grew the Necessity Retail REIT's overall portfolio to 1.050 properties worth an estimated $5.3B.
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