New York — ARCTRUST Private Capital, the capital markets division of the ARCTRUST Group of Cos., has acquired a seven-property, single-tenant net lease portfolio in six states including North Carolina, Alabama, Kentucky, Michigan, Tennessee and Virginia. The portfolio, which spans approximately 51,192 square feet, comprises two Pinnacle Bank locations, three CVS Pharmacy locations and two NAPA Auto Parts.
The portfolio features a 13.6 weighted average lease term, with contractual rent increases and renewal options across all properties. Each property operates on an absolute triple-net lease basis.
The two Pinnacle Bank properties are in Lebanon, Tennessee, and Roanoke, Virginia. The three CVS Pharmacy properties are in Black Mountain, North Carolina; Gadsden, Alabama; and Paducah, Kentucky.
The two NAPA properties, which are leased to Motor Parts & Equipment Corp., a subsidiary of Genuine Parts Co., are in Charlotte, Michigan, and Niles, Michigan.
The portfolio will be offered to accredited investors as a Delaware statutory trust.