PASADENA, Calif. - ExchangeRight, the nation’s second largest sponsor of securitized 1031-exchangeable real estate investments, has fully subscribed its $115.1 million Net-Leased Portfolio 29 DST offering. The portfolio is invested in nationally diversified properties with long-term net leases to investment-grade tenants operating successfully in the necessity retail and healthcare industries. Tenants of the portfolios include CVS, Dollar General, Fresenius Medical Care, and Tractor Supply Company.
Net-Leased Portfolio 29 is fully occupied by 24 single-tenant properties diversified across 10 states, including Arizona, Ohio, Tennessee, and Texas. The offering launched in September 2019 and closed with 10-year interest-only, non-recourse financing with a stated annual rate of 3.84% and a weighted-average lease term of 12.8 years. The portfolio is designed for investors seeking to participate in a 1031 tax-deferred exchange, as well as investors seeking diversified portfolios of net-leased real estate investment on a cash basis. ExchangeRight’s targeted initial cash flow to investors is 6.82% in the first year of ownership.
“2020 is off to a great start with our closing out this portfolio,” said Warren Thomas, one of ExchangeRight’s managing members. “The swift capital raise of Net-Leased Portfolio 29 is another demonstration of the demand we continue to experience for our recession-resilient offerings that are designed to provide investors with stable cash flow and capital preservation in a volatile market.”
ExchangeRight is a vertically integrated real estate investment firm with over $2.4 billion in assets under management diversified across more than 650 properties of over 13 million square feet located throughout 38 different states. More than 3,000 investors have trusted ExchangeRight to manage their capital. In 2019, ExchangeRight’s total equity raised was $372.0 million, representing 67% year-over-year growth. All of the company’s current and past offerings have met or exceeded targeted cash flow distributions to investors for 91 consecutive months to date.
About ExchangeRight Real Estate, LLC
ExchangeRight is a vertically integrated real estate investment firm with over $2.4 billion in assets under management. ExchangeRight pursues its mission to empower people to be secure, free, and generous by providing income funds and 1031-exchangeable investment offerings that target secure capital, stable income, and strategic exits. The company strategically acquires and manages long-term, net-leased assets backed by investment-grade corporations that operate successfully in the necessity-based retail and healthcare industries. For more information, visit www.exchangeright.com.