Automotive Properties REIT Completes Acquisition of Automotive Property in Tampa, Florida
Automotive Properties Real Estate Investment Trust (TSX: APR.UN) has made a significant acquisition in the United States, further expanding its portfolio. The REIT announced the completion of its purchase of an automotive property in Tampa, Florida, from a third party for approximately US$13.5 million.
The property, located at 701 N. Dale Mabry Highway, is tenanted by Rivian LLC, a prominent American developer and manufacturer of electric vehicles. The facility includes a 25,000 square-foot sales, delivery, and service center situated on 2.75 acres of land near Interstate 275 and the Tampa International Airport. The long-term lease with Rivian includes fixed annual rent increases and renewal options, providing a stable income stream for the REIT.
To fund the acquisition, Automotive Properties REIT utilized its revolving credit facilities, showcasing its strategic financial management. With this latest addition, the REIT now owns 80 income-producing commercial properties across Canada and the United States, totaling approximately 3.0 million square feet of gross leasable area.
This acquisition reinforces Automotive Properties REIT’s position as a leading player in the automotive real estate sector, with a focus on dealership and service properties. Investors and industry observers are keen to see how this move will impact the REIT’s performance and future growth prospects.
For more information on Automotive Properties REIT and its portfolio, visit www.automotivepropertiesreit.ca.