"ARC-RCA's second acquisition strongly demonstrates its focus on building a portfolio of retail power centers with a host of national tenants," said company CEO Nicholas S. Schorsch in a press release.
The property contains 201,965 rentable square feet and is 97% leased to 10 tenants, of which three—Toys/Babies "R" Us, Barnes & Noble and The Container Store—represent 62% of the annualized rental income of the property. The Toys/Babies "R" Us lease expires in January 2021, the Barnes & Noble lease expires in February 2014 and The Container Store lease expires in January 2018.
Some analysts have been cautious in rating retail. Two of the key tenants backing this property, Toys/Babies “R” Us and The Container Store, has passed muster with major credit rating agencies, according to ARC-RCA.
