Automotive Properties REIT Announces Agreement to Acquire Tesla Collision Center Property in Columbus, Ohio for a Purchase Price of US$17.8 Million

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[{"type":"text","content":"\n\n\n\n Automotive Properties REIT Announces Agreement to Acquire Tesla Collision Center Property in Columbus, Ohio for a Purchase Price of US$17.8 Million\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n − Not for distribution to U.S. News Wire Services or dissemination in\n \n the United States\n \n −\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n Feb. 10, 2025\n \n\n /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") announced today that it has entered into an agreement to acquire a Tesla-tenanted collision center property (the \"Property\") in\n \n Dublin, Ohio\n \n , a suburb of\n \n Columbus\n \n , from a third party for a purchase price of approximately\n \n US$17.8 million\n \n . The addition of the Property is expected to increase the REIT's Adjusted Funds from Operations (\"AFFO\") per unit.\n \n\n \"This acquisition will further increase our exposure to Tesla and the electric vehicle market in\n \n North America\n \n . We currently own six automotive properties in urban markets in\n \n Canada\n \n that are tenanted by Tesla,\" said\n \n Milton Lamb\n \n , President and CEO of Automotive Properties REIT. \"This acquisition is consistent with our focus on owning and acquiring attractive automotive properties in growing metropolitan markets.\"\n \n\n The Property consists of an approximately 94,000 square-foot Tesla collision service center facility that is situated on 6.32 acres of land located along a commercial corridor at 5600 Britton Parkway in\n \n Dublin, Ohio\n \n , adjacent to a large retail shopping center. The Property is in close proximity to Interstate 270, an auxiliary interstate highway that forms a beltway loop freeway in the\n \n Columbus\n \n Metropolitan Area.\n \n Columbus\n \n is a growing metropolitan market in\n \n the United States\n \n .\n \n\n The Property is tenanted by Tesla under a mid-term net lease. The REIT expects to close the Property acquisition in the first quarter of 2025, subject to sa...

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