This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

American Realty Capital - Retail Centers Of America, Inc. Acquires Tiffany Springs MarketCenter

NEW YORK, Oct. 1, 2013 /PRNewswire/ --  American Realty Capital – Retail Centers of America, Inc. ("ARC Retail") announced today that it closed its acquisition of the Tiffany Springs MarketCenter, located in Kansas City, Missouri, on September 26, 2013, for a contract price of $53.5 million, exclusive of closing costs. The purchase of the Tiffany Springs MarketCenter represents ARC Retail's third acquisition of a retail power center with multiple credit tenants. ARC Retail's portfolio now exceeds $107 million in purchased assets.

(Logo: http://photos.prnewswire.com/prnh/20120611/NY22540LOGO)

"ARC Retail's acquisition of Tiffany Springs MarketCenter, our third property, remains consistent with our sector specific investment focus of buying attractive power centers and lifestyle properties in the U.S.  We continue to accelerate the momentum from previous acquisitions, always looking for opportunities to buy well-positioned centers, in growth markets with a strong tenant base," said Nicholas S. Schorsch, ARC Retail's Chairman and Chief Executive Officer.  Mr. Schorsch explained, "We continue to take advantage of attractive big-box investment opportunities while increasing our geographic and tenant diversity."

The Tiffany Springs MarketCenter contains approximately 240,000 rentable square feet and is 88% leased to 29 tenants. Three tenants, Best Buy (NYSE: BBY), The Sports Authority and PetSmart (NASDAQ: PETM), represent 48% of the annualized rental income of the property and are rated by major credit rating agencies.

The lease to Best Buy contains approximately 46,000 rentable square feet and has a 10-year lease term which expires in January 2019.  The lease to The Sports Authority contains approximately 42,000 rentable square feet and has a 10-year lease term which expires in January 2019.  The lease to PetSmart contains approximately 25,000 rentable square feet and has a 10-year lease term which expires in July 2018.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,723.62 +45.39 0.26%
S&P 500 2,062.11 +5.96 0.29%
NASDAQ 4,893.7070 +30.3450 0.62%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs