The Streets of West Chester in West Chester Township, OH Sells for $40.5M

Publicly registered, non-traded REIT American Realty Capital – Retail Centers of America, Inc. has closed on its acquisition of the fee-simple interest of The Streets of West Chester lifestyle center in West Chester Township, OH.

The purchase price was $40.5 million, exclusive of closing costs, which includes 37.9 acres of excess land.

The sellers of The Streets of West Chester are Streets of West Chester-Phase II, LLC and RREEF America REIT II Corp. CCC.

The Streets of West Chester contains 167,155 rentable square feet and is 94.5% leased to 13 tenants. Two tenants, a wholly-owned subsidiary of AMC Entertainment Holdings, Inc. and Barnes & Noble, Inc. represent approximately 65.3% of the annualized rental income of The Streets of West Chester.

The lease to AMC contains approximately 82,000 rentable square feet. The lease commenced in June 2003, has a 15-year term and expires in January 2019. The lease contains no additional rental escalations. The lease contains five renewal options of five years each. The annualized rental income for the initial lease term is approximately $1.7 million.

The lease to Barnes & Noble contains approximately 25,000 rentable square feet. The lease commenced in October 2004, has a 12-year term and expires in January 2016. The lease contains no rental escalations during the original lease term. The lease contains two renewal options of five years each.The annualized rental income for the initial lease term is approximately $0.3 million.

American Realty Capital – Retail Centers of America, Inc. funded the acquisition of The Streets of West Chester with proceeds from the sale of its common stock.