A subsidiary of American Realty Capital Global Trust, Inc., the New York City-based sale-leaseback-focused REIT, has closed on the acquisition of the fee simple interest in the Kulicke & Soffa Industries office building in Fort Washington, PA.
The 88,000 square foot office property sold for a contract purchase price of $13.4 million, exclusive of closing costs. The seller is Alliance HSP Fort Washington Office I Limited Partnership.
Stan Johnson Co. represented the seller in this transaction.
The asset is fully leased to Kulicke & Soffa Industries, Inc., which designs and manufactures semiconductor assembly equipment. The lease has a 11-year term which commenced in October 2012 and terminates in September 2023, with rent increases of 1.7 percent annually.
The lease is net, meaning the tenant is required to pay substantially all operating expenses, excluding all costs to maintain and repair the roof and structure of the building, in addition to base rent. The annualized straight line rental income is $1.4 million.