Automotive Properties REIT Completes Acquisition of Automotive Property in Tampa, Florida for a Purchase Price of US$13.5 Million

About this update from Automotive Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\n Automotive Properties REIT Completes Acquisition of Automotive Property in Tampa, Florida for a Purchase Price of US$13.5 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 April 14, 2025\n \n\n /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") announced today the completion of its previously announced acquisition of an automotive property (the \"Property\") in\n \n Tampa, Florida\n \n , from a third party for a purchase price of approximately\n \n US$13.5 million\n \n , including closing costs.\n \n\n The Property is tenanted by Rivian LLC, a leading American developer and manufacturer of electric vehicles and accessories, under a long term, net lease that includes contractual fixed annual rent increases with renewal options. The Property consists of a 25,000 square-foot Rivian sales, delivery and service facility that is situated on 2.75 acres of land located at 701 N. Dale Mabry Highway, in close proximity to Interstate 275 and the\n \n Tampa\n \n International Airport.\n \n\n The REIT funded the purchase price of the Property by drawing on its revolving credit facilities.\n \n\n\n About Automotive Properties REIT\n \n\n\n\n Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring income-producing automotive and other OEM dealership and service properties located in\n \n Canada\n \n and\n \n the United States\n \n .  The REIT's portfolio currently consists of 80 income-producing commercial properties, representing approximately 3.0 million square feet of gross leasable area, in metropolitan markets across\n \n British Columbia\n \n ,\n \n Alberta\n \n ,\n \n Saskatchewan\n \n ,\n \n Manitoba\n \n ,\n \n Ontario\n \n and Québec in\n \n Canada\n \n , and\n \n Florida\n \n and\n \n Ohio\n \n in\n \n the Unite...

More updates from Automotive Properties Real Estate Investment Trust