PHOENIX, Aug. 11, 2020 /PRNewswire/ -- VEREIT, Inc.
(NYSE: VER) and Ocean West are pleased to announce the acquisition
of a 2.3 million square foot distribution and warehouse facility
leased by an investment grade home improvement retailer. The
property is located in Dallas,
Texas and was acquired at a purchase price of $246.7 million. The asset is strategically
located for supply chain efficiency, and is a newly-constructed,
build-to-suit property with a twenty-year lease.
The acquisition is part of VEREIT's industrial partnership with
Korea Investment & Securities Co., Ltd. ("KIS"), which is
advised by Ocean West Capital Partners LLC ("Ocean West"). The
partnership focuses on the acquisition of single-tenant industrial
assets under long-term leases to investment-grade tenants. To date,
the partnership has acquired approximately $653.7 million in assets. This acquisition is the
seventh property in the portfolio.
"The property's logistically desirable location along with the
tenant's creditworthiness and the established long-term lease, make
this a strong investment for the growing partnership. VEREIT will
continue to expand this portfolio by seeking out high-quality
assets that play a necessary role in the industrial market," stated
Thomas W. Roberts, Executive Vice
President and Chief Investment Officer at VEREIT.
NorthPoint Development developed the property and stayed on as a
joint venture partner. CBRE National Partners represented the
parties in the disposition and joint venture transaction.
"We are pleased to announce another successful acquisition with
our partners at VEREIT and look forward to acquiring additional
high-quality assets," stated Russ
Allegrette, Principal at Ocean West.
About VEREIT
VEREIT is a full-service real estate
operating company which owns and manages one of the largest
portfolios of single-tenant commercial properties in the
U.S. VEREIT has total real estate investments of $14.7
billion including approximately 3,800 properties and 88.9
million square feet. VEREIT's business model provides equity
capital to creditworthy corporations in return for long-term leases
on their properties. VEREIT is a publicly traded Maryland corporation listed on the New York
Stock Exchange. VEREIT uses, and intends to continue to use, its
Investor Relations website, which can be found
at www.VEREIT.com, as a means of disclosing material
nonpublic information and for complying with its disclosure
obligations under Regulation FD. Additional information about
VEREIT can be found through social media platforms such as Twitter
and LinkedIn.
About Ocean West
Ocean West Capital Partners is a
full-service real estate investment, operations, and management
platform. Since its formation in 2009, Ocean West has
acquired, and operated office, industrial and multifamily
residential investments valued over $3.5
billion and completed over $6.5
billion of commercial real estate transactions. Ocean
West has managed over 13 million square feet of commercial and
multifamily properties for its own account and on behalf of
third-party owners and loan servicers. Learn more about Ocean West
by visiting www.oceanwestcp.com.
Forward-Looking Statements
Information set forth
herein contains "forward-looking statements" which reflect
expectations and projections regarding future events and plans
including the current and future acquisitions of the industrial
partnership, the asset location, the tenant and its
creditworthiness, the strength of the investment and the growth of
the industrial partnership. Generally, the words "anticipates,"
"assumes," "believes," "continues," "could," "estimates,"
"expects," "goals," "intends," "may," "plans," "projects," "seeks,"
"should," "targets," "will," variations of such words and similar
expressions identify forward-looking statements. These
forward-looking statements are based on information currently
available and involve a number of known and unknown assumptions and
risks, uncertainties and other factors, which are difficult to
predict and beyond VEREIT's control, that could cause actual events
and plans or could cause VEREIT's business, financial condition,
liquidity and results of operations to differ materially from those
expressed or implied in the forward-looking statements.
The following factors, among others, could cause actual results
to differ materially from those set forth in the forward-looking
statements: the duration and extent of the impact of COVID-19 on
VEREIT's business, the industrial partnership and the businesses of
its tenants (including their ability to timely make rent payments)
and the economy generally; federal, state or local legislation or
regulation that could impact the timely payment of rent by tenants
in light of COVID-19; VEREIT's ability to renew leases, lease
vacant space or re-lease space as leases expire on favorable terms
or at all; risks associated with tenant, geographic and industry
concentrations; risks accompanying the management of the industrial
partnership and office partnership; competition in the acquisition
and disposition of properties and in the leasing of its properties
including that VEREIT may be unable to acquire, dispose of, or
lease properties on advantageous terms or at all; risks associated
with bankruptcies or insolvencies of tenants, from tenant defaults
generally or from the unpredictability of the business plans and
financial condition of tenants, which are heightened as a
result of the COVID-19 pandemic; the ability to retain or hire key
personnel; and continuation or deterioration of current market
conditions. Additional factors that may affect future results are
contained in VEREIT's filings with the U.S. Securities and Exchange
Commission ("SEC"), which are available at the SEC's website at
www.sec.gov. VEREIT disclaims any obligation to publicly update or
revise any forward-looking statements, whether as a result of
changes in underlying assumptions or factors, new information,
future events or otherwise, except as required by law.
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SOURCE VEREIT, Inc.